According to the research, the average Brit will spend £460 on socialising this Christmas, and we imagine this is considerably more if you live in and around London, where the average cost of a (non-festive) night out is around £50.

Given the ongoing cost of living crisis, it’ll come as no surprise that the biggest expense is hosting food and drinks for family and friends, closely followed by attending Christmas lunches or dinners, and spending at Christmas markets. In addition, we’re expected to attend work functions, parties and meals, so it’s easy to see how even a few nights out can add up – and that’s before we’ve even seen our mates.

We know that the friendship wealth gap is real, too, and December gatherings can tip even the most cash-savvy friend into money stress. The stats agree, with one in 10 of us admitting we can’t keep up with social plans, and some of us even pretending to be ill or busy to avoid having to attend events.

It’s not a huge stretch to see how this can put a huge strain on our mental health – just in time for the most miserable month of the year (yes, January, we’re looking at you here), but there are ways to manage the festive financial burden.

“The financial hit of socialising at Christmas can often be overlooked when we are in the swing of the season,” says Amelia Murray, money expert at Be Clever With Your Cash. “It can be tempting to say yes to everything without considering the cost on top of what we are already spending on festive celebrations, such as gifts for loved ones and travel. But there are ways of managing it so you don’t miss out or suffer from a financial hangover come January.”

Is the cost of Christmas socialising pricing us out of festive fun?