According to recent findings by a leading international credit agency, more than 25% of parents spend in excess of £90 on their offspring’s first birthday party with an additional £60 spent on presents. Bringing the average price of a party, for the UK’s average 1 year old, to around £150.

The firm further discovered that UK households with 2 children would dedicate almost £500 each year on parties, causing many people to succumb to personal debt as a result.

A separate poll revealed that the vast majority of parents feel that their child’s birthday should be the most celebrated time of the year, above Christmas and Easter. For this reason, parents are unlikely to scrimp on the celebrations choosing to bend over backwards in order to give their child what they want.

The most costly elements of the average child’s party are said to include the venue, food and party bags. However, parties are also becoming more extravagant, and some parents are now adding the cost of clowns, puppet shows and even petting zoos to the bill.

One expert commented that although it is important to value your child’s early years and to make them as memorable as possible, it is also important to ensure that you do not run up any big debts as a result of doing so. Remember, it is possible to have a great day without spending a fortune.