Consumers cut spending in massive numbers

28/04/2011

More than 80 per cent of consumers have changed the way they spend their money over the past year, according to financial solutions company Thinkmoney.com.

research carried out by insolvency trade body R3 found that 51 per cent of people are buying fewer non-essentials like clothes and DVDs, while 47 per cent say they now shop around before making a purchase.

Just over a fifth of those surveyed (22 per cent) have started to buy their non-essentials from supermarkets, rather than specialist retailers.

Women are ahead of men in terms of reducing their costs.

Of the women surveyed, 42 per cent say they have switched to buying ‘value’ brands, compared with 32 per cent of men.

Meanwhile, more than 23 per cent have put together a budget to manage their spending, compared with 15 per cent of men.

A Thinkmoney.com spokesperson said: "Debt and other financial concerns have led many people to take a much more careful approach to how they manage their money, as this research demonstrates.

"However, it’s quite worrying to see that just 23 per cent of women and 15 per cent of men are living by a budget. A budget is essential for anyone who wants to make sure their essential costs are always covered. Without this planning, missing payments or unexpectedly falling into debt could be far more likely."

Tags; Current UK Economy, Income Worries and Debt, Budgeting Advice, Credit Card Lifestyle,

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