BANK ACCOUNTS, CREDIT CARDS

Brits plan to stay at home for New Year’s Eve celebrations

New Year’s Eve is set to be a quieter affair for many people this year, as the financial turmoil takes its toll on peoples’ wallets.

Research has found that as many as three out of four people are planning to celebrate the New Year at home this year, rather than go out partying.

As rising prices and pay freezes squeeze people’s bank accounts, many are shunning the notoriously expensive New Year’s Eve night out.

The amount of people opting to bring in the New Year at home has been rising since 2007, when the credit crunch first hit the UK.

Research by Post Office Home Insurance has found that 74% of Brits are choosing a ‘Big Night In’ rather than a ‘Big Night Out’ this year.

This is up from 72% last year, and 55% back in 2007. It was found that, this year, 7% of people are planning a dinner party with friends, and 10% are hosting or going to a house party.

The cost of a night out over New Year’s Eve played a large part in peoples’ decision to stay in to celebrate, with 14% citing this as the main reason behind their plans. A further 3% said they would be staying in to avoid the cold weather.

However, people partying at home are still set to spend an average of £95 on food and booze; which is double the £48 average spend for those planning on heading out to celebrate.

“New Year's Eve can end up being a costly night, and as our research shows bizarrely, it can be even more costly for those who plan to stay in,” Gerry Barrett, said Post Office Head of Home Insurance.

“More people than ever plan to stay at home or hold dinner parties, but many hosts could see their bills mount up as they look to impress their friends.”

Tags: BANK ACCOUNTS, christmas spending, CREDIT CARDS, credit crunch, new year debt, New Year’s Eve spending