Banking

Research from Yorkshire Bank reveals that over three quarters of Brits wont be hosting a house party this Christmas.

As the cost of living continues to rise, the majority of Brits will try to find ways of saving money during the festive party season.

According to Yorkshire Banks survey, the current economic climate is impacting how Brits plan to spend Christmas. Eight out 10 would rather be invited to a party this Christmas than host one.

Londoners were the least likely to host a party with 82% saying they would rather attend a party than host it, closely followed by those in the North East and Wales, where both 81% would rather not be the host with the most.

Gary Lumby, Yorkshire Banks head of retail banking, said: The party season usually provides a welcome relief at the end of the year but it seems that many of us intend to scale back our plans this Christmas. However, being financially cautious doesnt have to mean an end to festivities. While its important to be careful with money, de-stressing and having fun during the party season doesnt have to overstretch the wallet.

The banks research shows that those who plan to take part in some seasonal cheer will be doing so on a sensible shoestring budget. Almost a quarter of Brits intend to wear previous years outfits, with women three times more likely to use or adapt existing outfits than men.

Despite living in the fashion capital of the world, nearly four out of 10 Londoners are prepared to risk turning up to this years party in last years dress.

Lumby concludes: Sitting down and working out a Christmas budget is an excellent way of ensuring that everybody can enjoy the holiday season without the risk of over spending.