Brits opt for cosy night in to save cash

Recession hit Brits are reining in their spending and opting for free cosy nights in to save cash, according to research from moneysupermarket.com.

The UK's leading price comparison site reveals just under two thirds (65 per cent) of Brits admit the credit crunch means they are more likely to stay in during the evenings to save money. Just over one in ten Brits (11 per cent) say the recession has meant they are resorting to in-house entertainment such as dinner parties, house parties and BBQs, and the under twenties are revealed as the new ‘Come Dine with Me' generation with double the national average attending or having dinner parties. They are also four times as likely to attend or host a house party than the national average.

The research reveals a stark age difference though, while the majority of people are cutting back their spending it's a different story for older Brits; sixty and seventy-somethings confess that despite the recession they are going out as much as ever (49 and 50 per cent respectively).

Julie Owens, head of home insurance at moneysupermarket.com said: "It's no surprise we're a nation of belt-tighteners at the moment, but the research reveals our social lives have been hit hard by the recession, with two-thirds of us admitting to staying in more. There's a chance we'll see this increase further too, especially as the autumn nights set in and we head towards winter. For the ‘golden oldies' though the grey pound remains strong - perhaps this generation are more confident in the midst of recession having seen it all before."

"Despite older Brits holding on to their nights out during the recession it's clear there are some true "recessionistas" among us flying the flag for dinner party chic."

Come Dine with Me!

The dinner party culture is alive and kicking revealing Brits are willing to spend a generous £22 per head on food and drinks, and with an average five guests invited each time, Brits are prepared to fork out just over £116 for an evening. Dinner party conversation can often be a conundrum and perhaps unsurprisingly men are the perpetrators of more conversation ‘blunders', dipping into off limits topics like sex, religion and politics. Surprisingly, the poll exposes women as the most likely to get a recipe wrong (20 per cent compared to 17 per cent of men).

Scots are the messiest dinner party guests, with 51 per cent admitting to spilling food and 39 per cent spilling drinks, while the Welsh are most likely to have a ‘smashing' time with 35 per cent admitting to breaking glasses or crockery.

Julie Owens continued: "Staying in more does mean Brits should consider their home insurance policy - especially when dinner party antics come into play. It's worth checking the small print when it comes to exclusions for accidental damage and personal liability cover, and what insurers will consider as an ‘insurable' risk, for example spilling something on a new carpet.

"As with any insurance policy checking the wording of your home insurance is crucial as caveats can be commonplace. Depending on the level of your excess it may be better not to claim on your policy if a small accident does happen - you may see your premiums bumped up at renewal time if so. On average Brits can save an average of £116 a year by shopping around for their home insurance at renewal time."

moneysupermarket.com found annual home insurance for buildings and contents coverage available from as little as £203 with Aim, with a £100 excess. It also found other policies will cap the limit on the maximum amount arising from a single incident personal liability claim - £2,000,000 with Bradford & Bingley for example.