Open a savings account: Brits pessimistic about autumn saving

Research by National Savings & Investments (NS&I;) has shown that Brits are not optimistic that they will be able to open a savings account and put money aside to cover their Chrstmas spending.

The survey revealed that 28 per cent of respondents said that they were less likely to save in the autumn months, with seven per cent of those people believing that they were much less likely to keep money in the run up to the festive season.

However, this is a reduction from 2009, when 37 per cent said that they were unlikely to save over the upcoming months.

Tim Mack, savings spokesman at NS&I;, said: "It's daunting to think that there are just two months to go until Christmas. However, it is best to try not to pay for everything out of December's pay packet and instead to plan early, agree the priorities for a good festive season and spread the financial outgoings over a longer period. "

Last week, a spokeswoman for Moneyfacts.co.uk said that people should only use services like bad credit credit cards to pay for Christmas as a last resort.