Study shows 'British Bulldog' spirit in recession

26/05/2009

A new report form uSwitch.com has shown that almost all UK adults have changed their financial behaviour as Britain faces its worst recession in decades.

The financial website showed that the credit crunch has left its mark on 38 million Brits, or 78 per cent of consumers.

These include the nine million who now promise to review their money management more regularly.

Elsewhere, seven million feel they are likely to "save more and spend less", while 4.3 million feel that their finances have already been "positively impacted" by the crisis.

Britain's economic output shrank by 1.9 per cent over January-March 2009 as the recession continued - the sharpest drop for 30 years.

The Bank of England said earlier this month that it doesn't expect the slump to end until next year.

Louise Bond at uSwitch.com commented: "Despite the doom and gloom many consumers are seemingly exhibiting a 'British Bulldog' spirit amidst the financial crisis and finding ways to accentuate the positives.

"With world leaders taking unprecedented measures to instigate the beginning of the end of the global recession, it is encouraging that consumers are also taking their financial future into their own hands by committing to changing their financial behaviours for the better."

Tags; Current UK Economy, Young Family Finances, Retirement Money Problems, Recent Graduate Debt,

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