Many people will manage to find extra cash for gifts and treats at Christmas, regardless of their financial circumstances, it has been claimed.
Steve Folkard of AXA has said it is likely people will borrow money and use credit cards to fund their festive spending.
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.
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