Panic buying presents to ease a guilty conscience costs the British public a total of £736 million every year, new research claims.

According to the 'UK Guilt Index', developed by Lloyds TSB, Brits spend an average of £121.26 on a birthday present for their loved one, but this rises to £136.80 for those who leave it to the last minute, wasting millions over all.

Unsurprisingly perhaps, men were found to be more likely to panic spend, spending up to 15 per cent more because they leave it so late.

"Feeling guilty uses a lot of emotional energy which can drain the emotional resources people have to deal with everyday life," explained Gladeana McMahon, a leading life coach.

"Quite often, it's tempting to try and put things right by overcompensating – perhaps by spending more money.

"In some cases, people try and avoid the person they feel they have neglected or wronged. Neither of these two responses are very helpful as one adds financial stress and the other spoils relationships."