The research found that 32 per cent of consumers only complete their Christmas shopping in the last available week, with an even riskier 12 per cent of the population leaving it till the last few days. These findings come as a surprise given AXA Wealth Self showed that nearly two in three (64 per cent) feel 'quite uneasy' or 'very nervous/anxious' at the prospect of taking a risk, which rises to 72 per cent for women.

Men are the worst culprits when it comes to last minute Christmas planning, with almost a fifth (17 per cent) leaving their shopping to just a few days before Christmas. Overall, women have shown themselves to be better prepared with 23 per cent confessing that they typically shop several months in advance, compared to just 11 per cent for men. One in five women (18 per cent) admit the thought of taking a risk makes them feel 'very nervous/anxious', so only a few are keeping their concerns at bay.

It would seem that age also plays a part in people's Christmas planning attitudes, with 18-24 year olds being the most likely age group to only complete their Christmas shopping by the last available week (49 per cent).

Commenting on the findings, Professor Adrian Furnham, University College London, said: "Is leaving Christmas shopping to the last minute a sign of being very busy, or is it that it is actually a sign of it either not being really very important or potentially extremely difficult to buy the right present?

"These findings could be seen as very risky behaviour given the negative consequences of not getting the right, indeed any present at all. Anyone who has faced the crowds and the panic on Christmas Eve should have learnt their lesson but that is clearly not the case.

"Does the deadline nature of last minute shopping bring out the best in one? Doubtfully. The risk of a real disappointed spouse, friend, lover or child on Christmas day should galvanize people to shop earlier."

Mike Morrison, head of pensions at AXA Wealth, commented: "It is interesting to see that consumers are happy to leave their Christmas shopping as late as they do, but perhaps not surprising that more men admit to leaving it even later than women."
"This research has also shown us that people's attitude to risk affects their behaviour when preparing for Christmas, despite how taking a risk may make them feel. People should take a step back and think about how their attitude towards risk affects other areas of their life and how this impacts their finances.
"I know full well that if I left my shopping to the last minute there'd be trouble at home. I'm quite risk averse by nature, so mine is all wrapped and ready under the tree."

The findings come as part of AXA Wealth Self, a detailed study into what people's perception of their attitude to risk is, and what it actually is. Among other things, the study asked consumers to answer a variety of questions around consumer attitudes and behaviour, to show whether this parallels with their investment risk attitude. Consumers were also required to rate their appetite to risk between one and seven, with seven being the riskiest. A 'disconnect' was then calculated between 'perceived' and 'actual' attitude to risk for each respondent.

The AXA Wealth Self study forms part of a new company consumer campaign to raise awareness of the importance of understanding risk, and its impact on investment behaviour, our ability to meet certain investment goals, and overall well-being.