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New research launched today shows that parents will be dreaming of a low-cost Christmas, with 2017 set to be an expensive Christmas for present buying. Parents are expected to fork out an average of £128.80 per child on presents during the festive season according to Barclays – raising the total amount British parents will spend on Christmas presents this year to a projected £141.7m across the nation.

The research of 1,000 British parents showed that the burden could in part be driven by poor financial planning, with a third (29%) admitting to leaving their Christmas shopping to the last minute. And although a third sensibly start saving for Christmas between July and September, a shocking fifth (20%) claim not to save money at all.

But the total cost may reach even greater heights according to the research, with respondents admitting they’d be happy to spend up to 30% more on sold out gifts their children wanted through reseller sites. Even more extreme, one in 10 parents said they would be prepared to spend as much as 80% more on RRP. Revealing the pressure that parents are under at Christmas, one in three admit to dipping into their savings and overdrafts in order to finance presents, with a fifth admitting it is a big financial burden.

Showing just how pressuring many find the festive seasons, two-fifths of respondents (46%) admitted to adopting extreme measures to cut back on spending after Christmas, including skipping meals, saying no to school trips and cancelling holidays.