44% of Brits haven't saved up for Christmas

Pressure on household budgets has meant 44 per cent of people haven't been able to put money aside for Christmas.

That's according to recent survey data, which claims some people will resort to selling Christmas presents they received last year and cutting down on their use of central heating to pay for this year's festivities.

The percentage of people who haven't been in a position to save for Christmas rises to 50 per cent for people over the age of 55. Younger people appear to have found it somewhat easier to put part of their earnings to one side, with 63 per cent of 18 to 34-year-olds surveyed saying they'd managed to save some money.

According to a report by the Press Association, a lack of savings will not prevent people from shelling out over Christmas, with most still planning to spend as much as they did in 2010 on food and drink.

Gillian Guy, chief executive of Citizens Advice, has urged anyone who finds themselves in difficulty with regard to their finances to seek professional help and advice as soon as possible.

Please note, the contents of this news story are not supported or endorsed by The Co-operative Group.