Savings are not just for Christmas, says Abbey

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Savings are not just for Christmas, says Abbey

People should make the effort to put money aside in savings accounts throughout the year - not just over Christmas.

This is according to Abbey, which has found that a third of savers are expected to spend nearly ten per cent of the cash they have put to one side on the festive season.

However, research from the firm also revealed 60 per cent of Brits are planning on cutting back on spending this year.

One million people's finances are so bad that they are considering returning gifts in exchange for money.

Reza Attar-Zadeh, director of savings and investments commented: "It's clear that many people are planning ahead and scaling back this Christmas in an effort to reduce their spending.

"But savings shouldn't just be for Christmas."

She went on to advise people to keep a healthy balance all year round to ensure that the new year begins with a good financial start.

In related news, the bank recently announced it is to cut its 90 per cent first-time buyer mortgage to 5.99 per cent interest, among other home loan deals.

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