Britons Recession-Proofing Their Lifestyles
27 Jul 2010 Tell a Friend
Recent research from Santander shows the extent to which we have adapted our lifestyles in reaction to the recession. Over a quarter of UK consumers (27%) have switched to cheaper supermarkets and an impressive 55% have started shopping around in order to get the best deals. Some people (28%) have switched to buying second-hand goods from eBay and in charity shops to make their money go further.
It looks as though the 'little luxuries' have been sacrificed, with 12% of respondents washing their own cars rather than taking them to the car wash and 9% ditching the taxis, presumably in favour of public transport. 10% of people claimed to have stopped getting a daily caffeine fix from a coffee shop whilst a 21% have started bringing a packed lunch to work rather than buying a meal each day. You can find out the lifetime cost of your coffee habit by using our useful calculator.
Unfortunately the cutbacks are also affecting our leisure time. Further research by the Insolvency trade body R3 shows that 'staycationing' is a continuing trend, with 38% of Britons actively trying to save money on their annual holiday and 56% of those opting for a UK-based break. Holidaymakers aged 16-24 were the most inclined to watch the pennies. A quarter of the people surveyed stated that they would not be taking a holiday at all this year, as the costs were too high.
R3 Vice-President, Frances Coulson, commented: "The fact that so many people will be holidaying in the UK is good news for the domestic tourism and leisure sector which has been badly hit during the downturn. However, the fact that a quarter of respondents said that they would not be taking a holiday this year highlights the fact that, although most people have got used to having regular holidays and now see it as a human right, holidays are a luxury."
Whether we will retain these bargain-hunting habits when the recession is behind us remains to be seen. However in the meantime, foregoing a daily cappuccino should only be the starting point if you are trying to save money. Look for better deals from all your providers; on your gas and electricity and on your broadband, home phone and your cable television subscriptions. Review your current account, your credit cards and any saving and investment products that you have - you may well find that you can be earning more interest on your savings, or paying much less on the money you're borrowing, with a different provider.