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More than a third of Brits plan to spend less on Christmas compared to last year, according to the results of a new global survey of 23,000 families.

The research carried out by Ferratum, the international financial services company, analysed the Christmas plans of more than 23,000 families in 19 different countries.

It found that 37% of Brits are planning to spend less on Christmas this year compared to 2017, with 43% planning to spend the same and just 20% planning to increase their spend.

Brits are allocating 23% of their disposable income on Christmas this year, which is the fifth highest in the world and more than double that of Germany (10%) and the Netherlands (10%) who are spending the least.

Mexico tops list of nations spending most of their disposable income on Christmas (48%), followed by Brazil (38%), Romania (29%) and Bulgaria (25%).

Tony Gundersen, Ferratum UK Country Manager, said:

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