The Co-op has seen as sales surge in its savings stamps

The Co-operative Group has reported a 40% surge in shoppers buying saving stamps to help spread the cost of Christmas.

The society launched its Christmas Savings Scheme Trust, which protects the funds via a trust account, in November last year. It was started in response to the collapse of Farepak in 2006, when nearly 120,000 people lost an average of £400 each.

As part of The Co-op’s scheme, shoppers can buy £1 stamps throughout the year. Anyone redeeming a full book of 48 stamps in December will receive £50.

“As a responsible retailer, we are keen to help make Christmas more affordable for our customers, and our saving stamps scheme is a great way for shoppers to spread the cost of Christmas over the year,” said Co-op Group customer director Andrew Mann.

“Christmas is a particularly costly period for our members and their families, many of whom are under increased financial pressure, and this scheme should really help them at this special time of year,” he added.