Hastings named the area in UK that needs the most time to save for Christmas

The town features in a list of 10 areas in the UK where families should start saving for the festive period sooner rather than later, with Hastings topping the list.

The study, conducted by debt solutions specialist PennyPlan, subtracted average household living costs from median disposable household income and compared them with Christmas shopping averages to determine the number of days saving required.

The data found that Hastings required the longest amount of time to save for the Christmas period, with data suggesting those celebrating should start putting money away on October 30 - 56 days before the big day.

PennyPlan said the town is expected to spend an average of £802 per household on Christmas presents this year - a 33 per cent increase on the UK average of £602. This means those in the TN postcode need to save around £100.25 per week so that they can be prepared for Christmas.

The south east area of Thanet is second, requiring 54 days to save (from November 1). Home to Margate, Thanet has a similar spend of £807, but their average income is 2.8 per cent higher at £40,878, affording them less time to save, PennyPlan said.

Barking and Dagenham in London is third on the list with 44 days to save, meaning shoppers should start squirrelling away their pennies from November 15. Despite having an average income of £51,156, the area spends £1,614 on Christmas presents, which is 168 per cent more than the UK average, PennyPlan added.

The affluent borough of Kensington and Chelsea required the least amount of time to prepare financially for Christmas, only requiring five days.

Despite spending £1,391 on gifts (131 per cent higher than the national average), households in this area have around £193,306 in income, PennyPlan said.

Speaking on the findings, a PennyPlan spokesperson said: “Christmas can be one of the most financially stressful periods for many, especially amid the cost-of-living crisis we are currently seeing.

“However, it is interesting that many are still spending more than the UK average during the festive period, especially since spending on Christmas gifts has increased 17 per cent within the past five years.

“Although Halloween may seem very early to begin thinking about Christmas, we would advise people to start saving smaller and earlier to ensure they have enough to treat themselves without depleting their bank accounts.”