Christmas spending has been slashed in Britain, as record inflation has cut into the buying power of household incomes across the nation, and prices have jumped the most in 40 years, according to a new Bloomberg report on Friday that examines data from the Office of National Statistics (ONS).

According to the survey, six out of ten adults will cut their total spending this holiday season by seeking out less expensive presents, and buying fewer of them. At the same time, frugal shoppers are swarming to charity shops in search of second hand gifts, producing booming sales for the charities.

The survey also showed that people are reducing their socialization and are eating out less as disposable incomes are being eaten by rising prices for necessities. UK inflation had reached 11.1% in October, which is over five times the 2% target rate of the Bank of England.

The ONS said roughly 18% of respondents have no savings cushion to protect them from the rising prices, and 7% reported missing a bill payment in the past month. Households reported that energy bills were their biggest financial pressure, followed by mortgage and rent payments.

Almost 50% of adult respondents said that they were barely able to afford the fuel to heat their homes, and 75% were alarmed over the cost of living today.