Australian retirees are the most generous gift givers at yuletide, thanks in part to compulsory employer superannuation, according to an international Axa study.
But interest rate increases, soaring petrol prices and higher living costs will mean Australians spend less this Christmas.
Axa Retirement Scope surveyed more than 11,000 people globally and found 86 per cent of Australian retirees plan to splash out on their loved ones, which is more than those in New Zealand, the USA and Canada.
"The majority of today's retirees have been able to build retirement savings helping them to enjoy gift-giving at Christmas, as well as retirement generally," Axa sales and marketing general manager Adrian Emery said.
Working Australians have budgeted about $826 for presents, compared to $861 last year. Australian retirees plan to spend $490, which is 15 per cent less than year, but they are still the most generous gift-givers in the world, according to Axa.
