Alternative Christmas gifts 'may prevent financial problems'

A number of consumers may be looking to reduce their Christmas present outgoings by opting for cheaper alternatives in 2009, new research suggests.

Survey results published by Principality Building Society have revealed that as many as 54 per cent of consumers may be looking to focus on presents which are homemade.

Meanwhile, the firm believes that items which are second-hand might be seen as an option for 20 per cent.

Rather than facing financial problems which could be caused by things like credit card debt, the organisation's marketing director James Wright suggests that DIY presents may prove a useful money saving solution.

He noted: "It's great that people are coming up with innovative gift ideas that will actually help them to save money this Christmas, reducing the likelihood of a financial hangover in January."

Moneynet.co.uk's Andrew Hagger recently said that Christmas costs could be met more easily if people were to save money towards the festive season from an earlier stage.

Written by Tom Burroughs.