Brits will be partying on a budget this Christmas

Over three quarters (79%) of Brits won't be hosting a house party this Christmas, according to research from Yorkshire Bank.

As the cost of living continues to rise, ‘ho ho ho' may turn to ‘ho hum' as the majority of Brits try to find ways of saving money during the festive party season.

According to Yorkshire Bank's survey, the current economic climate is impacting how Brits plan to spend Christmas. Eight out ten (78%) Brits would rather be invited to a party this Christmas than host one. Londoners were the least likely to host a party with 82% saying they would rather attend a party than host it, closely followed by those in the North East and Wales, where both 81% would rather not be the ‘host with the most'.

Gary Lumby, Yorkshire Bank's Head of Retail Banking, said: "The party season usually provides a welcome relief at the end of the year but it seems that many of us intend to scale back our plans this Christmas. However, being financially cautious doesn't have to mean an end to festivities. While it's important to be careful with money, de-stressing and having fun during the party season doesn't have to overstretch the wallet."

The bank's research shows that those who plan to take part in some seasonal cheer will be doing so on a sensible shoestring budget. Almost a quarter of Brits (22%) intend to wear previous years' outfits, with women three times more likely to use or adapt existing outfits than men. Despite living in the fashion capital of the world, nearly four out of ten Londoners are prepared to risk turning up to this year's party in last year's dress.

Gary Lumby concludes: "Sitting down and working out a Christmas budget is an excellent way of ensuring that everybody can enjoy the holiday season without the risk of over spending."

Yorkshire Bank has a range of savings accounts that can help you save and prepare for the festive season. For more information, visit ybonline.co.uk