Brits 'limiting outgoings to preserve finance'

British consumers are continuing to save rather than spend as the UK's slow economic recovery continues, it has been reported.

According to Santander Current Accounts, Brits are shopping around for grocery deals, limiting their electricity use and returning to a culture of 'make do and mend'.

Some 55 per cent are looking around for the best grocery deals and 21 per cent have started taking their lunch to work, the bank discovered.

Helen Bierton, head of Santander Current Accounts, said 40 million people are "still feeling the pinch and trying to find ways of slashing their outgoings to cut back".

They are buying second-hand goods on eBay and in charity shops, and reducing household help and their childrens' pocket money, she added.

Ms Bierton commented that consumers can make their money go further by switching to accounts which pay higher savings interest rates.

Last week, research conducted by Legal & General indicated that 63 per cent of consumers are seeking to save money, up four per cent on last year.

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2010-03-30 08:32:33 © Moneyextra.com