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Bank charges: Brits stay in on New Year’s Eve to save cash

Many Brits will stay in on New Year’s Eve for the ‘big night in’, rather than leaving the house for a big night out, as they try to avoid spending too much money.

Post Office Home Insurance found that three-quarters (72 per cent) of people are to shun going out, with more than half (56 per cent) having a quiet night in on their own or with family and one in six (16 per cent) going to a friend’s house for a party or hosting their own.

Hosting may not be the answer, as it can cost as much as £100 to have a party, while going out on the town costs £76 on average. However, this rises to £85 in London and goes as low as £50 in the East Midlands.

"The traditional ‘big night out' steps aside for a ‘quiet night in' with many people opting to stay indoors to avoid the crowds, the cold weather and save a bit of money on New Year's Eve,” said Paul Havenhand, head of insurance at the Post Office.

Staying in on New Year’s Eve or going to a friend’s house should keep some cash free so people can afford any bank charges, or other outgoings they may have.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801513809-ADNFCR

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