Dec 11 2006
The majority of pensioners have to plan in advance in order to be able to afford the purchase of Christmas presents, recent research reveals.
A study by Axa claims that 78 per cent of British retirees have to save up every month to afford the Christmas presents they want to purchase for their family, while the average person still in employment spends eight days worth of their salary on Christmas presents.
Pat Brady at Axa said: "Christmas finances are a tricky area and whether you've saved for months or buy on impulse, like everything else in life a little financial planning goes a long way."
He added that financially planning for birthdays, anniversaries and Christmas is "important" and requires time and attention.
Last month, JPMorgan Invest reported that 64 per cent of workers in Britain will have a pension of 40 per cent or less of their final salary, when weighted by the cost of living.
