Signs of people putting money aside in late summer, in preparation for the costly winter months, have been seen by the Post Office .

It handled more than 17 million personal cash deposit transactions between July and September – a 7% annual increase.

This was also a 3% increase compared with the previous quarter.

A survey commissioned by the Post Office also indicated that more than half (54%) of people who were putting aside money for festive spending were saving earlier than they usually would this year.

Nearly two-fifths (38%) of people started to think about how they would afford the festive season during the summer, while 31% said they typically start saving money during this period.

Ben Hunter Woollard, head of banking at the Post Office, said: “As households brace for a more expensive festive season, Post Office branches have handled a high number of personal cash deposits this summer.

“For many people, using cash is a helpful way to plan ahead, budget and put money aside for specific…