Debt worries affecting NYE spending?

It appears concerns over debt troubles may be affecting the New Year’s Eve plans of many UK adults, as new research has found half of Britons will be having low-key celebrations to save cash.

The study, carried out by NS&I, revealed 48 per cent of people in the UK will be staying at home as the nation welcomes in 2011.

According to the organisation, many households are placing financial planning high on the agenda for the first month of the year – starting with their New Year celebrations.

The investigation showed that of the revellers who are venturing out tonight (December 31st), 44 per cent plan to stay local in an effort to save on transport costs.

A further 49 per cent of those questioned claimed they will be heading to a friend’s house as the bell strikes 12 in a bid to keep costs down to a minimum.

And it appears the younger generations are the most keen to save the pennies this year, as 60 per cent of respondents aged 16 to 34 noted they are heading over to a mate’s place, while 51 per cent of 25 to 34-year-olds will be staying at home.

Savings spokesman at NS&I Tim Mack said: “While it is nice to celebrate and have a good time with friends and family on New Year’s Eve, it’s especially important that you don’t give yourself a financial hangover for the new year.”

However, recent findings from Allianz showed house parties can also be costly affairs, as the statistics highlighted such shindigs hosted by teenagers and organised through social networking sites have caused £14 million worth of damage to properties.

By Joe White