Unknown cost of Christmas

Many Brits are fearful of opening bills to find out what they have spent over the festive period and are not sure how much Christmas has cost them.

A study undertaken by the Financial Services Authority (FSA) has found that 24 per cent of 16 to 44-year-olds are worried about opening their post-Christmas bills, while 58 per cent did not know how much Yuletide was going to cost them.

Furthermore, 23 per cent used loans or credit cards to fund their celebrations.

The FSA’s director of financial capability, Chris Pond, said: "Sorting out your budget isn’t the most interesting thing you will do after Christmas, but it could be the most important.

"The consequences of not managing your money properly can be devastating.

"If you don’t make payments on time it can affect your credit history and at worst put your home and even relationships under pressure."

The FSA has released a new ‘Moneymadeclear’ guide to help people get their finances in order for the New Year.