Money News
Women are reacting quickest to the onset of the credit crunch in terms of actually spending less, according to the latest monthly MoneyMood Survey from Legal & General. The results show a downturn of 18 percentage points in the female 'mood to spend' stakes on last month, which marks the lowest point for over a year. By contrast, men have largely remained consistent in their spending habits.
The L&G report also reveals a disparity between generations and their approach to spending with 25 per cent of 18 to 24 year olds still in the mood to splash cash compared to a mere 17 per cent of 45 to 54 year olds. Julia Clayworth, spokesperson at Legal & General's Wealth Management division, said: "It is possible that the older generation have a clearer memory of previous recessions and are acting cautiously as a result of this."
She added: "But what is really interesting about this month's results is that it is clear that the reported economic downturn is not having a uniform impact. Although it is good to see people are exercising caution with their spending, they are not changing their behaviour dramatically.
It will be really interesting to see next months results which will be taken after the recent stock market volatility and see if this has filtered down to people's spending behaviour."
29 February 2008 © Moneyextra.com
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