Credit crunch sparking cutbacks

The continuing ravages of the credit crunch are causing people to take active steps in all aspects of their lives to cut back on their spending and save their hard-earned money, research has shown.

As well as abandoning expensive nights out, a poll by Halifax Home Insurance found that people are developing their money saving techniques with the help of friends and neighbours.

The survey found that 84% of those questioned are now consciously trying to save money as they struggle against tighter credit conditions and soaring household bills.

The survey also revealed one in seven consumers hit by increases in the costs of food, gas, electricity and petrol are considering making joint trips to the supermarket to cut down on the cost of fuel.

Nearly two thirds - 60% - of people polled said they now spend Saturday nights with friends and family at each other's homes rather than going out and splashing cash in bars, clubs and restaurants.

Today's survey results show that cash conscious consumers are increasingly looking for ways to help ease the cost burden, with 73% saying they are sharing money saving tips or bargains they may have spotted with friends and neighbours.

Copyright © PA Business 2008

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