Savings to be blown in Christmas spending spectacular

Tuesday, December 6, 2005

Christmas stocking gifts are set to equate to a massive £6.2 billion in the UK this year, meaning the potential raiding of savings and the use of loans and credit cards.

Lloyds TSB Insurance has revealed that the average cost for a stocking full of gifts this year will be £103, with a third of people spending savings and borrowings worth £500 on filling the festive stockings.

Bank accounts could be pillaged to buy an interesting range of gifts, the survey showing that some of the top stocking fillers include an iPod Nano, a Playstation PSP, World Cup tickets, and a Satsuma!

"The Christmas spending spree means smiling faces for most families at this time of year," said Lloyds TSB Insurance's managing director Phil Loney.

"However, for some, Christmas can end in tears when Santa isn't the first visitor to arrive carrying a sack. With burglars on the prowl it's doubly important to make sure doors and windows are locked tight whenever your home is empty."

With the money to cover the cost of the Christmas gifts coming from savings, loans, credit cards and December's wages, Lloyds TSB Insurance's advice to get adequate contents insurance seems justified.

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