New research from Family Investments has shown that families in the UK plan to cutdown their Christmas outgoings significantly this year, to avoid slipping into further debt problems.
Children's presents are expected to be the main area where parents look to make savings, with people in London planning to spend the least at £60 per child.
Kate Baker from Family Investments commented, "Parents are planning to cut back on children's presents this year, in order to help the strain and enable them to still keep their longer term savings topped up."