Most Brits fail to save for Christmas

December 12, 2011

According to a new survey* by The Co-operative Bank, only 42% of Brits saved for Christmas this year.

The survey shows, people saved an average of £423 for Christmas, with men saving an average of £460 and women saving £400, saving £60 less than men.

The research reveals, London, Northern Ireland and the North East topped the list with their savings, while the South East, Yorkshire and Wales came last.

Top Savers
Location
Amount Saved
London
£494
Northern Ireland
£487
North East
£448
South West
£431
Nort West
£429
East Midlands
£412
West Midlands
£398
Scotland
£395
South East
£393
Yorkshire
£390
Wales
£387

Surprisingly, 30% of people said that they started saving for Christmas last January, while 40% of people actually left it until after August.

Zack Hocking, Head of Savings at The Co-operative Bank, said: “Christmas is one of the most expensive times of the year, and we know that in the current environment it can be very difficult for people to get into the habit of putting money aside on a regular basis. He added, “We know the difference that saving money regularly can make to paying for occasions like Christmas and we would encourage and help everyone get into the habit of saving every month, whatever amount that might be.”

The Co-operative Bank offers a wide selection of savings products, from ISAs, bonds, easy access accounts, children saving accounts and fixed term accounts. For more information our The Co-operative Bank’s saving products please visit: www.co-operativebank.co.uk/savings

Notes to Editors

*Research conducted by OnePoll.com questioning 3,000 adults in the UK

For further information please contact
Alejandra Solis / Lauren Hoult

The Co-operative Banking Group Press Office

Tel: 0161 903 4407 / 0161 903 3822

Email : alejandra.solis@cfs.coop / lauren.hoult@cfs.coop

Twitter: @CoopBankingPR

 

About The Co-operative Banking Group

The Co-operative Banking Group, formerly known as The Co-operative Financial Services, is the banking and insurance arm of The Co-operative Group, which is the world’s largest consumer co-operative with around six million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.

Following the merger with Britannia on 1 August 2009, the organisation is one of the largest and most highly diversified mutual businesses operating in both retail and corporate markets.

As part of The Co-operative Group, the business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.

The Co-operative Banking Group has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and major presences in Manchester, Leek, London, Plymouth, Skelmersdale and Stockport.

It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is run.