Young Britons 'cutting daily expenditure'
Young Britons 'cutting daily expenditure'
Monday 23rd February 2009
According to research from Abbey Savings, people in this age group have cut their total expenditure by up to £3,599 in the last year, while the over 55s spent £2,773 less on average.
The survey found that over the last 12 months, the average British resident has reduced their spending by £3,168 in response to the economic downturn.
Reza Attar-Zadeh, director of savings and investments at Abbey, commented: "In the current climate many people are determined to tighten their belts.
"It can be surprising how even making a few small changes to our way of living, such as buying a cheaper brand of food or ditching takeaways in favour of making something from scratch, can add up to hundreds or even thousands of pounds in savings."
The survey found that 69 per cent of people have cut spending on food in the last year.
According to a recent report from the AA, UK drivers are now 62 per cent more likely to choose a second-hand vehicle over a new car than they were in March 2008.
News article brought to you by Debt1 - UK debt management specialists.
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