Considerable amounts of people are failing to put money away into savings accounts so they can afford to fund Christmas, research has shown.

This year, findings from the Co-operative Bank show that just 42 per cent of Brits have saved for the festive season, with men tending to be savvier than women.

Women were found to put away £400, compared to £460 among their male counterparts.

People in London, Northern Ireland and the north-east are most likely to have saved, while those in the south-east, Yorkshire and Wales are the least inclined.

Zack Hocking, head of savings at The Co-operative Bank, said: "We know that in the current environment it can be very difficult for people to get into the habit of putting money aside on a regular basis."

He added that putting money away can make a real difference when it comes to paying for major events such as Christmas.