UK consumers plan ‘modest new year’

Heavy expenditure over Christmas has prompted many people across the UK to plan a modest new year celebration, according to recent research.

A study by Fool.co.uk found that the average amount that a British consumer plans to spend on new year’s eve is around £30.50, which is described by the financial comparison firm as “relatively thrifty”.

As debt management problems continue to worsen for Britons of all ages, Fool.co.uk reports that those aged between 18 and 24 plan to spend the most while seeing in the new year.

“With the average adult spending £419 on Christmas presents, money may be thin on the ground by the time December 31st arrives,” said David Kuo, Fool.co.uk’s head of personal finance.

“Therefore it’s commendable that we’re showing restraint on an evening that is essentially an annual blow-out.”

During the run up to Christmas, the Citizens Advice charity urged consumers across the country to stick to a strict budget to avoid a 2008 debt management hangover.

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