The life and pensions provider has discovered that British people spend an incredible £39.5 billion on recreating their favourite Delia Smith and Jamie Oliver recipes at dinner parties each year.

These domestic gods and goddesses host at least one event per month, spending an average of £74 each time – £45 on food and £29 on drinks. That comes to an average £1,036 spent each year on home entertaining.

“Prudential’s research underlines the fact that staying in is as hip as going out,” said Lulu Grimes, food editor at olive magazine.

Angus Maciver, director of customer insight at Prudential UK, added that hosts and hostesses need not break the bank to entertain if they plan a little in advance.

“Sometimes we simply need to look at where we spend our money and how much we are spending. Dinner parties are an area where we are spending more and more, yet with a little planning we can save ourselves a lot of money,” Mr Maciver said.

Tips include asking guests to bring a bottle of wine, and serving inexpensive starters and desserts if you’ve blown your budget on the best steak.

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