Consumers ‘struggle to save’ for Christmas

Many people are struggling to save for Christmas this year due to the pressures on their finances, it has been suggested.

According to David Kuo, head of personal finance at money website Fool.co.uk, increasing prices of food and fuel have left many consumers unable to save for the festive season.

“People have been squeezed so badly with their finances that it has been very difficult for them to put money to one side,” he said.

Mr Kuo urged consumers to consider setting a budget for their finances in the run-up to Christmas otherwise they could be in a position of needing debt help in the New Year, although he added that while saving is ideal it may be very “difficult” to do in the current climate.

Meanwhile, a study from Norwich and Peterborough Building Society has revealed that 57 per cent of people are feeling the pinch and will be cutting back on their spending this Christmas.

By Rosie Park