Abbey banking points to £1.3bn wasted on unwanted gifts

British consumers will waste around £1.3 billion on unwanted Christmas presents this year, according to Abbey.

Smellies top the list of unwanted gifts (48 per cent), closely followed by novelty themed Christmas presents (30 per cent) and sweets and chocolates (18 per cent).

And rather than pour money down the drain, the high street bank recommends giving a savings voucher.

The Association of Investment Trust Companies (AITC), found that nearly half of the children it questioned (47 per cent) believed their parents should put some of the money spent on them aside for their future rather than spend it all on gifts.

Abbey found that Britons spend an average of £250 on Christmas presents every year.

But in more than a third (38 per cent) of cases the money would have been better spent on gift vouchers or savings certificates. Especially, when three quarters (72 per cent) of teenagers admit they would prefer just to get cash.

However, adults disagree, with three out of four (74 per cent) saying they like to wake up to presents on the December 25 and six in ten saying they feel the money option displays thoughtlessness.

But Abbey is urging consumers to reassess this view.

"Giving money at Christmas rather a present that could end up gathering dust in the attic needn't be seen as thoughtless,” commented Angus Porter, Abbey's customer director.