Halifax have revealed new research which shows that, when it comes to saving at Christmas, women are financially savvier that their male counterparts.

30% of women polled said they started saving for Christmas earlier in the year, compared with just 15% of men. They are also much more prepared when it comes to spending this saved cash, as almost half of women have prepared a Christmas list about which presents they need to buy.

Overall, it seems that both sexes are shunning the idea of getting in debt over Christmas, as almost three-quarters (71%) said they would be using savings to fund the festive season instead. For those who find debt unavoidable at this expensive time of year, a third will be using their credit card and one in ten will be building store card debt.

Head of banking at Halifax, Mike Regnier, said: “It’s encouraging to see that more consumers are becoming prudent with their finances this year by choosing to use their savings… rather than opting for costly store cards which could see them paying out more in the long run.”