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Dublin: 4 °C Friday 25 April, 2014

One in four people are saving all year round for Christmas

New research on spending and saving habits also shows that fewer people plan to use their credit card for festive spending this year.

Image: piggy bank via Shutterstock

OVER A QUARTER of people in Ireland say they have been saving all year to fund their Christmas expenses.

The research from KBC Bank also shows a drop in numbers using their credit card for festive spending: 7 per cent this year, down from 10 per cent in 2012.

Over half of respondents said they planned to spend the same amount as last year, with one in five saying they would spend a little less, 13 per cent ‘a little more’ and 8 per cent ‘a lot less’.

58 per cent said they planned to use their salary or current account to fund their Christmas spending and celebrations.

Away from the issue of Christmas, the bank’s quarterly ‘Savings Barometer’ showed that three in four consumers in Ireland have a savings account, while just over half are putting away a set amount regularly.

Six in ten respondents said they had either maintained or increased the amount they saved over the past six months, while half said they planned to increase the amount over the next 12 months.

Unexpected bills remain the key driver for dipping into savings (64 per cent) with summer holidays (33 per cent) the second most common reason.

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