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Bank charges: Brits spend a year's salary on Christmas in working lifetime

Adults in Britain spend nearly an average person's annual salary on Christmas across their whole working lifetime, according to a new report.

According to the National Employment Savings Trust (NEST) and comparison site MoneySupermarket, Brits spend £20,072 on Christmas during their 50-year working life.

The average adult will spend £445 this Christmas, which is up from £437 last year and leaves less money for people to cover costs such as bank charges.

It may come as no surprise that given the global economic crisis, 77 per cent of Brits are concerned with the cost of Christmas and 52 per cent think they spend too much over the festive season.

Money may not even be that important to Christmas anyway, as 68 per cent say that spending time with family is the most important part of the holiday, which comes at no cost at all.

"Shaving just a little bit off the annual festive bill and focusing on enjoying time with family could mean more peace of mind now and big savings over the long term," said Helen Dean, managing director of scheme development at NEST.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801505083-ADNFCR

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