Pensioners will be cutting back on heating their homes in order to but Christmas presents this winter, new research has found.
According to the insurance company Axa, more than 900,000 senior citizens will struggle to afford both heating and seasonal gifts during December.
Retirees spend an average of £346 each on presents, for which 15 per cent will cut back on food treats for themselves in order to afford it.
"Christmas finances are a tricky area, and whether you've saved for months or buy on impulse, like everything else in life a little financial planning goes a long way," said Pat Brady, a spokesperson for Axa.
"Whatever stage you're at, planning for family and calendar set pieces such as birthdays, anniversaries and Christmas is important and really benefits from a bit of attention."
Across the country, finance advice site MoneyExpert.com has estimated that Brits will spend £11.4 billion this Christmas on credit card purchases alone.