According to Abbey fewer people are planning to pay for Christmas by dipping into their savings.
However, this does not mean consumers will be spending on their cards, despite the availability of 0 per cent interest starting rates on many credit cards.
The bank discovered that while last year 75 per cent of people used their savings to fund the Yuletide spending spree, this year five per cent fewer people plan to dip into their nest eggs.
But while fewer people are planning to withdraw money from savings, Abbey also witnessed a decline in the number of people planning to fund the Festive Season with plastic.
According to Abbey's figures 19 per cent mean to use their credit cards to pay for Christmas, as opposed to 22 per cent last year.
The consensus is that consumers will simply spend less this year - an average of £423 per person, as opposed to £600 at the turn of the century.
Abbey's customer director Angus Porter commented: "People are being realistic about what they can afford to spend on Christmas this year and pretty sensible about how they're going to pay for it."To read more about savings accounts, click here.
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