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UK likely to save not spend out of downturn

Younger people more likely to reduce spending

Research from Abbey Savings reveals seven out of eight people have reduced their spending in the last year.

The average person claims to have cut costs by £3,168 in the past 12 months.

Younger people between the ages of 18 and 34 have cut back the most – on average, £826 more than the over 55s.

Small changes

Abbey spokesman, Reza Attar-Zadeh, said: ‘Making a few small changes such as buying a cheaper brand of food or ditching takeaways can add up to hundreds or even thousands of pounds in savings over a year.’

Food is the first thing to go when it comes to cost-cutting with seven out of ten (69%) saving £17.10 each week. 

Half of respondents have cut back on travel and nearly two thirds have slashed their entertainment costs.

Regional differences

Londoners are seeking out more free local entertainment than the rest of the country with 31% increasing their use of free services, such as libraries, museums and outdoor concerts.

Those living in Wales and the south west are saving the biggest slice of their incomes at just over 14%. Those in London save the least at just over 10%.

And to get the best rates for your savings, check out our cash Isa Best Buys and savings account Best Buys for the top rates on the market.

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