Many Britons are scrapping Christmas parties in a bid to save money over the season, new research has revealed.
According to a survey by Yorkshire Bank, 79 per cent of respondents are making the move in order to reduce their outgoings over the festive period, with 82 per cent stating they would rather attend a party than host one.
And many are holding back on buying new clothes in order to reduce the risk of getting into debt, with 22 per cent admitting they plan to wear last year’s outfits to any parties they do attend.
Head of retail banking at Yorkshire Bank Gary Lumby noted that “sitting down and working out a Christmas budget” will help ensure those worried about their finances do not spend outside their limits.
Such a strategy could also be worked into a debt management plan for those who are looking to minimise their outgoings in the coming months.
Meanwhile, those thinking of starting their Christmas shopping have been urged by finance expert Jasmine Birtles to plan ahead in order to reduce the risk of overspending.
By Tom Musk