Change of heart among spendthrift younger Brits

23/02/2009

The "broke Beckham" generation is giving up its spendthrift ways, an Abbey report has claimed.

According to the savings account provider, the average household spent up to £3,168 less than usual over the past 12 months, as the credit crunch plunged the UK into recession.

More surprising still was that this figure was found to rise to over £3,500 among 18 to 34-year-olds, as a new trend of penny-pinching swept the nation.

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 take-aways in favour of making something from scratch, can add up to hundreds or even thousands of pounds in savings over the course of a year."

When Abbey asked poll respondents how they were making the cutbacks, around 70 per cent said that they were spending less on food than they did before.

Meanwhile, half have also looked to reduce their travel costs.

Tags; Budgeting Advice, Credit Card Lifestyle,

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