Savers set to feel the Christmas ‘pinch’ today – how to budget & build savings for 2021 | Personal Finance | Finance


In a survey of 2,000 UK adults, it was revealed by the credit card company that the average British person wants to save more (27 percent), spend less (24 percent), pay off debts (15 percent) and make a budget plan (13 percent) this year, while one in three (33 percent) of those with existing debt say they want to start paying it off.

While these are sensible decisions, the reality facing some savers may prove to be particularly difficult , as an estimated 1.2 million adults will be feeling the “January pinch” and be running low on money from today.

This comes before many people will have received their first paycheck of 2021.

Additionally, it was revealed consumers overspent by £211 on average over the Christmas period, with almost one in three (30 percent) already maxing out all of their credit.

READ MORE: Savers urged to use pension allowances & fill ISAs as lockdown ends 

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