UK parents go on Christmas gift spending spree

One in three British parents go overdrawn in order to buy their children the perfect Christmas gift, according to a new poll.

The survey by AOL Shopping found that 71 per cent of mums and dads would feel guilty about buying their kids cheap gifts, with 37 per cent going into the red in order to fork out for their child's dream gift.

Around 67 per cent said they spent far beyond their means on Christmas presents because they did not want to look like Scrooges in front of their friends and family.

Carrie Jones, AOL UK shopping editor, said: "This research shows that there is a danger of Britons getting carried away with Christmas."

The study showed that those earning up to £100 a week spent £66.48 on each child on average, while those parents who earn a weekly salary of £1,000 spent £132.60 on each child – a significantly lower proportion of their income.

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