Saga: Brits cutting back on their Christmas spends

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Saga: Brits cutting back on their Christmas spends

On average, British adults are spending less on Christmas than they did ten years ago, according to research by Saga Platinum credit card.

This year, adults are planning to fork out an average of £435 on presents for loved ones, a decline from the £516 that was paid out in 1999.

In addition, fewer people are using their savings to ensure that their festivities go with a bang. A decade ago, 31 per cent of people said that they would use money they had put to one side to enjoy the holiday season. But now, only 13 per cent are using their savings pot.

The proportion of people who are planning to spread the cost over the new year by paying with credit cards is 16 per cent, which has stayed the same as in the previous survey.

As the over-50s are identified as being the most generous groups, it is possible they are funding their spending through equity release. Saga revealed earlier this month that older people are increasingly releasing equity in order to enjoy a better standard of living.

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