by business editor Trevor Sturgess

Hard-pressed Brits are planning to stay in with friends and family on New Year's Eve rather than going out to celebrate, according to new research from Halifax.

Only 15% expect to go out to celebrate on the 31st, with more than half (53%) opting to stay in.

In 2010, more than a quarter (26%) of 25 to 34 year olds ventured out, while not even one fifth (17%) are considering it this year. Many blame New Year's Eve price hikes for their decision to stay in with family or celebrate with friends.

However, 37% of 18-24 year olds will be going out, compared to only 11% of those aged 55 and over.

Despite fears of a tough year ahead, less than half (46%) are planning to set a budget for 2012.

Anthony Warrington, Halifax personal current account director, said: "We have seen a trend of paying down debts this year and it is unsurprising many don't want to break the habit on the 31 and enjoy an alternative New Year's Eve with their friends and family indoors."

He added that budgeting was a key consideration for 2012.

"It is not necessarily about curbing your spending, but about knowing where your money is going and what is coming in."