Wednesday, December 24, 2008
Category:
Consolidation
Recent research from Halifax has revealed that many of us anticipate our stockings be filled with money rather than traditional gifts this Christmas.
In total, 35% of Britons are sending money as a present this year, and many children will also be receiving money which will be placed into a savings account rather than getting the latest toys and gadgets from high street stores.
Of those surveyed, 11 percent said that they will save all money they receive as gifts this Christmas. A further 31 per cent said that they will save some of it. 36 per cent of people would think about opening a children’s savings account as a present for a child and 31 per cent of those surveyed said that they or their relatives put money into children’s savings accounts for Christmas every year.
According to the Halifax, encouraging saving from an early age can be vitally important for future savings habits. The survey found that Grandparents are now less likely to put money into children’s savings accounts, compared to 16 -24 years olds. When it comes to the regions, those living in London are least likely to put money into an account for children.
Ken Stannard, head of Halifax savings, said: "Our research shows that a large number of people like to receive money at Christmas time. It is great to see that many people will be putting at least some of that money aside. By saving regularly and then adding a lump sum at Christmas and/or birthdays, savers can build a pot of money that can be put aside for a rainy day.
"It is even more encouraging that friends and families are opening and funding savings accounts for their children/grandchildren. By involving children in this process it can build healthy saving habits that will play an important part in their future."
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Those who have spent up over the festive season and find that they have several credit and store card bills as a consequence of Christmas spending, may wish to give their finances a review in the new year. Homeowners could consider a secured loan to
consolidate debt. With a secured loan, borrowers will know the exact day and date repayments have to be made each month, lessening the necessity to juggle multiple repayments on existing credit card debts. One of many options to consolidate debts, secured loans may be repaid over a term to suit the borrower from 5 to 25 years. It should be remembered that repaying borrowing over a longer term may increase overall interest charges.
