3 November 2006
Research from Birmingham Midshires has hinted that many Brits may have started their Christmas shopping early and that a lack of savings could persuade consumers to take out secured loans in order to pay for presents and food over the holiday period.
The results showed that the British public are becoming worse at saving money, with those under 30 years old only managing to save £295 in the third quarter of 2006. In comparison, older generations, such as those aged over 50 saved £423 in the third quarter.
Secured Loan UK, part of UK Finance Online Ltd, has suggested that the vast amount that the public spends on Christmas presents each year may encourage people to take out secured loans in order to provide enough cash to survive.
It highlighted that the post Christmas period is usually the busiest time of year for loan brokers as consumers realise just how much they've spent on food, drink and presents during the holiday.
This appears to be supported by Jason Robinson, director of savings operations for Birmingham Midshires, who commented: "What we would say is make sure you've still got one eye on the amount that you spend so that the start of 2007 can still be fruitful."
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