Non-essential spending by Britons is dwindling as the credit crunch takes its toll, a new report suggests.

Research by Alliance & Leicester has discovered that 76 per cent of people are intending to tighten their belts - equal to some 36 million consumers across the UK.

Some 73 per cent of those polled have cut back in some way recently, with 39 per cent reducing their expenditure on clothes, 36 per cent minimising their social spending and 28 per cent saving less.

Meanwhile, 27 per cent of those polled did not report any reduction in outgoings lately.

Emma Walkley, current account manager with the financial services provider, remarked: "It seems many of us are feeling the pinch and looking for ways to cut back. The good news is that people are taking action now and looking at ways of making their money go further rather than burying their heads in the sand."

Consumers could save £15 billion by taking out a debt consolidation loan, price comparison website uSwitch.com reported in January.
ADNFCR-1287-ID-18607774-ADNFCR

Request a Callback

Fill in your details and we'll call you back