Brits staying in to save money during recession

British consumers are increasingly attempting to limit their spending by socialising at home rather than going out, it has been reported.

Research conducted by Friends Provident indicates that 35 per cent of people are choosing to go out less in order to preserve their finances.

Some 22 per cent of Brits are enjoying the company of friends in their own living room more than they did before the downturn hit, according to the firm's Generation Recession Report.

And of those still choosing to go out to the pub or a restaurant, 34 per cent are doing so less often.

Martin Palmer, head of corporate pensions marketing at Friends Provident, said it is encouraging to see that consumers are reining in their spending habits and saving money where possible.

He added: "In these times of financial uncertainty it becomes more important than ever to put money aside for people's long term futures."

Accessing the best rates of interest on savings may be one way to build a savings pot for a rainy day.

However, Linda McBain, head of banking at Investec Private Bank, recently claimed that many consumers are still failing to compare the best rates available on the market.

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2009-10-26 11:44:48 © Moneyextra.com