Average cost of Christmas is £445

Updated: 
British consumers are set to put their money worries aside and splash out as the festive season approaches, a new survey has revealed.

Cost of Christmas is £445 per person

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The poll, for MoneySupermarket.com, found that the average Brit will fork out £445 on a happy Christmas, despite many confessing they will end up in more debt as a result.

Those aged between 35 and 54 are the highest spenders, averaging £491 per person, with the over-55s set to fork out £423, and 18 to 34-year-olds spending £415.

A good chunk of the money was spent on the kids, with the average child receiving £132 worth of gifts, but for many parents that presents a debt problem.

While 67 per cent of parents insisted they would be cautious with their money this year because of the economic climate, almost 50 per cent of mums and dads said they felt pressured to spend more than they could really afford, and one in five expected to be deeper in debt as a result of the seasonal spending.

Some 34 per cent, though, said they would spend "whatever it takes" to give the family the perfect Christmas.

Clare Francis, a financial expert for the comparison website, told the Daily Mail: "Christmas shopping is a significant area of expenditure for parents in particular.

"And with only one pay day left for most people until Christmas, it is important to take steps now to manage your finances in the run up to the big day - and beyond."

Are you planning to splash the cash for a happy Christmas or curbing your seasonal spend this year? Leave your comments below...