How much money are people willing to spend on their kids this Christmas?

Are you going to spend more or less than the UK average?

New figures from money.com estimate Brits will spend massively this Christmas, buying well over £33.3billion worth of gifts for family and friends.

Children will see the bulk of this money spent on them, with a national average of £105.99 for older children and £129.79 for under-16s comparative to partners and spouses who receive around £120.51. And mums and dads having roughly £60 spent per parent.

A 2,000 person study by Nationwide earlier this year suggested a lot less will be spent in 2019, with people spending around two weeks wages over the entire span of Christmas - equating to around £727 for celebrations, work parties and festivities.

Roughly 1 in 12 will spend more than this, splashing over £800 - with some landing in crippling debt, reports LiverpoolEcho .

Guy Simmonds head of customer management at Nationwide, said: "The cost of Christmas can quickly mount up.

"t's incredibly easy to spend more than we can afford. Planning is vital to sensible spending."

Figures from Nationwide show nearly one in five people will be struggling financially by January, one in 10 will end up deep into their overdraft and 7% will start 2020 in significant debt.

How much people spend on each item/person at Christmas:

£363 for food

£67 for kids

£40 for mums

£33 for dads

£28 for grandparents

£31 for sibings

£30 for inlaws

£22 for uncles and aunts

£20 for pets

£63 for partners.

This is despite the 4% of people who admit to spending nothing on their other half. And 23% feeling pressure to buy Secret Santa presents for colleagues.

The expense is not helped by 42% of men and 33% of women setting no budget on their Christmas. The figures setting no budget are 45% in north east england, 44% in Scotland and 49% in wales.

This compares to 30% of people from the south west who bought two to six months in advance.

The advice is to budget well and keep tabs on your money this Christmas.