Research by The Co-Operative Food has revealed that two thirds (64%) were strapped for cash last month, running out of disposable money after failing to budget following Christmas and New Year celebrations.

The report found that 70% found it a real struggle to get through January financially, after the average consumer overspent by £305.30 over Christmas and waited for the first wage packet to 2014 to come through.

Coinciding with the in-store launch of The Co-Operative Food’s 2014 Saving Stamps scheme, this aims to help people to manage their budgets by saving a little each week throughout the year, so by Christmas they are more able to spread the cost and not be stumped by January in the New Year.

Andrew Mann, The Co-Operative Food customer director, said: “As our research shows, many people were left with a financial hangover after over spending at Christmas and are still paying for the festivities. As a responsible retailer, we are keen to help our customers manage their budgets, and our Saving Stamps scheme is a simple and effective way to help put money aside through the year.”

Find out more about the supermarket’s Saving Stamps scheme.