Almost two thirds of Britons (65%) haven’t saved any money for Christmas, so far this year, according to the latest findings from Alliance & Leicester’s wealth tracker index, and the bank says it could be a cold Christmas for shops with no savings for shoppers to turn to.

The findings also show that of the 35% who have saved money for Christmas, the average is £182.13 - £30 less than in 2003 (£212.65). Men have saved more again this year, they put aside an average of £212.94 (£250.21 in 2003), compared with women who saved £152.46 (£177.36 in 2003).

Earlier research carried out by the bank found that consumers were planning to save and invest more in the last three months of the year. However, these findings show that savings for Christmas are down compared to this time last year.

As part of its quarterly study, Alliance & Leicester’s wealth tracker index asked a GB representative sample of 1,000 people, how much they have managed to save for Christmas this year.

Key findings:

• Teenagers (16-19 yrs) have been the most prudent, with 46% saving to help finance their Christmas spending – 5% more than the number of teenagers saving for Christmas 2003.
• People in their 50’s have ignored the potential costs associated with the festive period, more than any other age group – 70% haven’t saved anything for Christmas. Those that have saved, have put aside £147.78, compared with £172.94 saved for Christmas 2003.
• As the age group most likely to have small children to buy for this Christmas, people in their 30’s have managed to save the most – tucking away £245.60 (£293.26 in 2003).
• The only age group who have saved more this year than last, are people in their 20’s - they have managed to save £193.87 (£187.35 in 2003).

• Not only have more people in the North of England saved for Christmas than the rest of Britain (51%), they have also saved the most – on average £422.32, an increase of £207.23 on 2003 savings levels.
• People with the least amount saved are those in East Anglia, on average they have put aside £54.01.
• Just 26% of people in Scotland have saved money for Christmas 2004, saving an average of just £65.57 per person, that’s more than £143 less than last year (£208.58).
• People in Wales have managed to save more this year than last, putting aside an average of £200 compared with the £123.91 they saved to fund Christmas 2003.
• 34% of Londoners saved for Christmas this year - an average of £153.66, an increase of £13.50 from Christmas 2003.