As many as two in five Britons is not putting money away in savings accounts to help foot the cost of Christmas, new research from Barclaycard reveals.

This is despite a third of people being unable to pay for bills in January because of overspending during last year's festive season.

Half of respondents aged over 55 have not saved at all, compared to 37 per cent of those between the ages of 18 and 34.

Alan Ainsworth, head of public and community affairs at Barclaycard, said that planning and budgeting will ensure that Christmas is not a financial nightmare once January comes around.

"This doesn't always have to mean cutting back on the number of presents you buy or parties you attend, more so, it's about establishing a budget ahead of time and making sure you keep to it," he commented.

Of those who are being savvy with their cash, 32 per cent said they have used discount vouchers to help them budget this year.