The MoneyMood Survey, shows that, while in September less than one in three UK adults wanted to drain their bank accounts in the high street, almost two in five wanted to splash out in November, and there was a big increase in the number of people saying they would be spending again over the next four weeks.

The money will go to a variety of places, with most expecting to spend more on family and friends over the festive season, not to mention making themselves look good and socialising.

One in two people questioned were relying on credit cards to fund extra expenses, Legal & General also found, with long interest free periods on some cards a tempting way to spread the cost of Christmas.

Claire Stracey, Legal & General’s marketing director retail investments said: “We think the ‘MoneyMood’ of the nation is firmly in ‘spend’ mode as people prepare for Christmas but may swing back to saving as we move away from the shopping boom after the Christmas period.

“Back in September it appeared that the Bank of England’s policy of raising interest rates to get us to slow our spending was beginning to bite. We expect this trend to kick in again after the festivities.”

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