Co-op assesses seasonal spending habits

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Co-op assesses seasonal spending habits

The Co-operative Bank has revealed that many people are hoping to end the year on a high in treating themselves and their families this Christmas by buying gifts on credit cards.

However, research from the institution shows that people may spend their money on more practical items, such as food, train tickets to visit their family and books.

In assessing the 2008 spending trends, it was found that Londoners splurge the most on clothing, beauty products and flowers.

Up north, however, people are more likely to spend on eating out.

The bank advised people to get their finances in order so that they are not left short in the new year.

John Hughes, director of retail products at The Co-operative Bank, noted that people still look to be spending this Christmas despite the economic downturn.

"Often people have to tighten their belt in January due to over-spending, but with a bit of forward financial planning and a little common sense people can start enjoying the New Year with their finances in check".

According to another recent survey by the bank, the average person in the UK has £3,492 in savings, but dreams of having over £600,000.

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