Britons would rather be saving money than spending it this Christmas, according to a new survey.
Saving money is becoming increasingly prioritised among British adults, Legal & General's MoneyMood survey reveals.
Six in ten Britons indicated that they are in the mood for saving money at the end of October, compared to five in ten at the same time last year.
The nation is still in a saving mood, despite the fact that Christmas goods tempt them to spend money, says Julia Clayworth, Legal & General's head of direct investments.
"Perhaps the fact that inflation hit an eight-year high in September and the news that interest rates are likely to remain on hold has taken the edge off the mood to spend," Ms Clayworth speculates.
Mounting bills, credit card debt and outstanding personal loan repayments are making it difficult for people to save money, the survey suggests. Monthly income in 12 per cent of households is not enough to cover these outstanding debts.
Fewer households have money left at the end of the month than compared to the same time last year, it has been revealed.
Ms Clayworth points out that many more households may be forced to either spend less on Christmas this year, or revert to credit cards or personal loans to fund their expenses.
'Tis the season to be saving money
'Tis the season to be saving money
Thu, 24 Nov 2005
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