Four in 10 adults are worried about the cost of Christmas this year

The festive season is a time for giving, but the cost of Christmas is weighing heavily on the minds of many Brits this year

Brits are looking for other ways to make their money go further this Christmas(Image: Getty Images)

Four out of every 10 Brits are fretting over the financial strain of Christmas this year, as the escalating cost of living continues to strain households.

But the nation's shoppers are resolved to think outside the box, with a whopping three-quarters intending to shop savvy to conserve their pennies.

Loyalty schemes are emerging as a crucial component of the festive budget strategy, with the average Brit being a member of four different programmes to make their money go that extra mile.

Yet, many are sitting on a treasure trove of unclaimed rewards, with nearly half confessing they haven't redeemed their points potentially worth up to £190.

Some choose to hoard these points for a high-value purchase, while others utilise them regularly to offset everyday expenses.

A spokesperson for Virgin Red, which conducted the survey, commented: "With many Brits feeling the pinch this year from the rising cost of living, it's great to see shoppers take advantage of points earning opportunities when buying Christmas presents this year"

They added: "Loyalty programmes with travel perks are a great place to start as you can literally turn your everyday spending into incredible experiences, and it seems like many people are now catching on."

The research also revealed that loyalty schemes aren't the only ace up shoppers' sleeves. A third of Brits lean on price-comparison websites, and over a third capitalise on free delivery deals to save money.

In the run-up to Christmas, it's Belfast bagging the title of the UK's top deal-spotting champs, with three-quarters of locals boasting about being the best bargain hunters.

Manchester and Southampton aren't too shabby either; dedicated deal-diggers spend upwards of two hours per week on the hunt for top discounts. In Southampton and Manchester more than half dread having to buy anything full price

Virgin Red has seen more than one million new members joining in the past year showcasing the growing trend in loyalty schemes.

Their spokesperson added: "Redeeming points on something special is like winning the lottery, and shoppers are finding it's a great way to add sparkle to Christmas without blowing the budget."