SINGAPOREANS are more likely than other Asians to party and dine out at Christmas - but this lavishness means almost 60 per cent of them will blow their budget when it comes to Christmas presents, survey has found.

The survey by retail financial services company GE Money found that 41 per cent of people here are likely to go to Christmas parties and 48 per cent to Christmas dinners. In contrast, only 7 per cent of Japanese and 20 per cent of Koreans plan to go to Christmas parties.

Plastic is the most popular means of paying for Christmas gifts, with 60 per cent of Singaporeans planning to charge them to credit cards. But 90 per cent of Koreans and 80 per cent of Chinese shop for Christmas presents with credit cards.

Sixty-seven per cent of Singaporeans use their salary to fund Christmas purchases while 29 per cent use savings.

'The buoyant economy, festive sales, and Christmas being the season of giving, can make it all too tempting to overspend,' said GE Money Singapore's chief executive and president Iqbal Singh. 'We advise people to make a budget and set aside money for financial commitments before spending.'

The survey was carried out among 2,000-plus GE Money employees from seven countries in Asia, including China, Japan, Singapore and Thailand.

Christmas spirit notwithstanding, the survey also found that while most Asians spend Christmas with close family, many respondents across all seven countries would rather spend it with their friends than their in-laws.

This article first appeared in The Business Times on Dec 20, 2007