Brits embrace “the age of austerity”

Money-saving Britons are embracing the age of austerity with four in five (81 per cent) people having already made lifestyle changes to reduce their outgoings, according to new research from Santander Current Accounts. 
This lifestyle change has resulted in more people taking advantage of money saving offers.

Over half of Brits (55 per cent) have started shopping around to get the best grocery deals, and one in four (27 per cent), or 13 million people, have switched to cheaper supermarkets.

Some 28 per cent of people have started shopping on eBay or in charity shops instead of buying brand new products, and nearly one in eight Brits (12 per cent) say they have even resorted to growing their own vegetables in a bid to save cash, according to the Santander findings.

Many thrifty Britons have also recently cut ‘luxury’ services out of their lives, with 12 per cent of people washing their car themselves instead of taking it to the car wash, and nine per cent using public transport instead of taxis.

One in five (21 per cent) people have started taking a packed lunch to work in order to save their pennies, and one in ten (10 per cent) has stopped going to coffee shops to get their daily caffeine fix.

Santander says canny homeowners are also making efforts to cut their household bills, with half of Britons having recently started to ensure they switch lights and electrical appliances off when they are not in use, and 13 per cent having stopped using the tumble dryer in order to save electricity.

One in twenty people (5 per cent) have cut back on household help, such as cleaners and babysitters, and three per cent have cut down the amount of pocket money they give their children.

“The coalition Government has warned of the impending ‘age of austerity’ for a while now, but most of the British population are already taking measures to cut down on their daily expenditure,” said Helen Bierton, Head of Santander Current Accounts.

“Many frugal Brits are cutting out luxuries, such as buying their daily coffee from the coffee shop or using the car wash, but the best way of getting more for your money is by shopping around and moving to providers of goods and services that offer better value.

For example, by switching current accounts, people could find much better rates as well as rewards. If you switch to Santander today you can get 5 per cent AER (fixed) interest for 12 months on balances up to £2,500 and £100 cashback.”

Money saving actions recently being taken by Britons

source: Everyinvestor.co.uk