Brits set for ‘festive financial squeeze’

British consumers are preparing for a financial squeeze over the festive period, according to recent research.

With many people around the country struggling to become debt free, a study from Fool.co.uk has found that the average UK consumer intends to splash out around £400 on Christmas presents this year.

British women are likely to spend more than their male counterparts on gifts and parents are due to fork out more than those without children, the research also discovered.

David Kuo, head of personal finance at Fool.co.uk, said: “Christmas season can be a time of financial pressure for many, especially for people with large families.

“Nobody wants to be seen as Ebenezer Scrooge. But without proper budgeting January could be haunted by the ghost of Christmas past with credit providers tucking into our leftovers with some relish.”

A spokesperson for AWD Chase de Vere said recently that many families in the UK will add to their debt management problems over the Christmas period.