He added that research suggests only households with an income of more than £70,000 a year have been able to avoid dipping into their savings.
"Even wealthier families have seen their savings slow to a halt as the cost of living hits their wallets, too. So yes, it's a trend that has hit the vast majority of the country," Mr Folkard concluded.
Research by Lloyds TSB, carried out by Tickbox.net and Opinion Matters, showed that 67 per cent of people will have started their Christmas shopping in November, with 24 per cent of those questioned noting that they will start buying gifts earlier this year than last.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.