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People may have to consider taking a loan out to pay for the festivities this year after a survey by a high-street building society has revealed that individuals are not saving what they should be.

While 60 per cent of people questioned by Nationwide admit that they are not putting as much money aside as they should be doing, one per cent believe that saving is not an important habit to get into.

"However, our latest research shows a slight increase in the number of people who are feeling positive that they will be able to save the correct amount in the future, which is small step in the right direction," says Matthew Carter, director of savings at Nationwide.

Mr Carter adds that he hopes Britons have a savings plan soon, although if personal finances need bolstering quickly, secured loans could be one way to obtain funds.

It was previously revealed by AXA that households with at least a £70,000 income were the only ones who did not have to dip into savings to pay for everyday items.

Rather than using savings, or struggling to get by, people may want to take out a secured loan to cover their holiday costs.