Nights out 'hit by crunch'

11/08/2008

Households hit hard by the credit crunch are no longer so keen on having a night out on the tiles, new figures from Halifax show.

According to the firm, 60 per cent of Britons are increasingly favouring nights in with friends, with DVD watching, home bingo and even games of Twister.

Halifax also claims that 84 per cent are looking to cut their spending as a response to the credit crunch - while one third say that the current economic conditions are a direct cause of them being less willing to go out.

However, there do appear to be some benefits to the increasingly tough times being faced by many: people are talking more to each other, even if it is only just to discuss how hard it is to make ends meet.

The firm's survey showed that 73 per cent of people have shared money-saving tips with others, while 30 per cent of Londoners have got to know their neighbours better in the financial downturn.

Paul Birkhead, spokesman for Halifax, said: "When you take into account travel, food, drink and entertainment, the cost of a Saturday night out can soon add up, and Brits are choosing to Stay In With The Joneses, and invite friends and neighbours round instead for a night in.

"They say Brits are at their best when times are challenging, and our research clearly shows we're being resourceful in watching the pennies while looking to have a good time - and it's bringing people together."

Tags; Income Worries and Debt, Budgeting Advice,

Regional Debt Advice; Debt Help London,

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