Britons urged to save for parties

Britons are being urged to save up for parties marking momentous occasions after a survey revealed that the average person spends nearly £500 a year on such celebrations.

Research conducted by NS&I found that on average, Britons attend four milestone events every year and spend £120 on each of them.

The majority (59%) will go to five events per year, ranging from wedding anniversaries and 21st birthdays to christenings and baby showers.

Meanwhile, an estimated 12% of Britons may have to dig deeper into their pockets as they are invited by friends and family to attend between six and 10 celebratory parties this year.

For the tiny proportion of people who are expected to attend up to 20 events, the cost would work out to more than £2,400.

Tim Mack, NS&I's Savings Spokesman says: "Milestone events are special occasions where friends and families are able to come together in one place, at one time. With so many things to catch up on, funding the fun is often far from people's minds. Yet, with the amounts involved, it's important to think about where the money will come from and even set a little aside to account for it in advance."

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