Festive season frolics to add to debt concerns?

People already struggling to keep their debts under control may wish to take extra care not to exacerbate the problems while celebrating over the festive period.

This is because new research from Allianz has found damage caused during social gathering can have significant financial implications.

The organisation warned teenagers throwing parties is hitting the pockets of their parents particularly hard – resulting in a combined £14 million worth of damage.

And the firm noted people are increasingly concerned as the New Year party season approaches with mothers and fathers dismayed at the emergence of uncontrollable get-togethers that have emerged since the popularity of social networking sites – such as Facebook – have rocketed.

According to the study, almost two-thirds (65 per cent) of mums and dads said they feel uncomfortable with their offspring arranging their social lives over the internet and believe the practice of advertising parties on it to be dangerous.

Moreover, the survey showed more than one-in-ten (11 per cent) of teens have indeed organised a gathering via the medium.

But kids wishing to secretly arrange a shindig via the web may want to stay away from social networking sites when doing so, as 35 per cent of parents revealed they spy on the portals in an attempt to see if their kids are planning any gatherings.

Gareth McChesney, head of home and motor portfolio management at Allianz UK, said: “Parents face tough decisions when allowing their children to host a party and it is natural to worry about the celebrations getting out of hand.

A recent Moneymood survey from Legal & General showed 30 per cent of Britons intend to trim their festive budgets this year as they seek to avoid falling into deeper debt.

By Amy White