Britons have been urged to start saving for children already.

Those struggling with household bills now are being urged to start saving for Christmas, so the only alternative come December is not getting into debt on the credit card or a loan.

However, after the Farepak crisis of 2007 which left thousands of people emptied handed at Christmas when the firm collapsed, those looking to save are being urged to weigh up all their options, with a campaign from the Office of Fair Trading (OFT).

John Mason, Scottish National Party (SNP) work and pensions spokesman, said: “It may only be March, but we have to do everything we can to prevent another Christmas crisis.

“It’s more than two years since the Farepak collapse but this nightmare
of Christmas past still looms large, and in the current economic
climate, with job losses and uncertainty, the OFT’s scheme has some
sensible suggestions.”

Mr Mason, who has launched an early day motion at Westminster to push the government to promote savings schemes as interest rates fall, has also hit out at bailouts for banks but not Farepak victims.

“Many Farepak families are still struggling to find their feet but,
while the UK government rushed to bail out the banks, these savers have
not seen a penny of compensation,” he said.

“It’s simply shocking that the Farepak families are still waiting for
compensation all these years later. It was failure of regulation that
led to this scandal and Gordon Brown’s Government has a clear obligation to help these hard pressed families.”