However, the financial firm claimed that by regularly saving around £40 a month in savings accounts, people would be able to comfortably pay for Christmas gifts.
Commenting on the findings, Halifax head of savings Mike Regnier said: "We all know how expensive Christmas can be but by saving little and often we can make next Christmas that bit more manageable and that bit more enjoyable as a consequence.
"We can also take the opportunity to get our kids to appreciate the value of putting some money aside."
The Citizens Advice Bureau recently called for consumers to spend sensibly over the festive period and avoid building up unmanageable debts which could take the rest of the year to pay off.
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