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Christmas fuels savings splurge
30/01/2006 15:33:00
Brits who made the effort of saving their hard earned money found the temptations of Christmas too difficult to resist, according to new research from Birmingham Midshires.
Figures from its Saving Britain campaign reveal that although people managed to save an average of £680 in the final quarter of 2005, some £385 of this money was then frittered away on the cost of Christmas.
More than one in three people failed to budget properly for the festive period, while 27 per cent admitted that they had turned to savings after overspending on money available to them in their current account.
As a result, Brits were looking at an average of 51 days before they could replenish their savings stash, although that would require the discipline and dedication of returning to their saving ways.
Kevin Mountford, head of savings, sales and marketing for Birmingham Midshires, said: "The festive season can be a drain on finances but it is at least encouraging to see that we've managed to leave some of our savings intact.
"Fifty-one days is a very lengthy hangover and it is worrying to see that this escalates to 79 days amongst the over fifties."
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