More and more consumers are tightening their belts in a bid to ease pressure on their finances, new research has revealed.
Nearly three-quarters of Brits have cut back on their spending in the last 12 months as the ongoing financial crises forces people to rethink their spending habits.
According to research, one in three Brits would now call themselves ‘tight’ with money – and are proud of it.
The money-savvy habits employed by consumers include not tipping in a restaurant, only heating one room in the house, and even sneaking drinks into the pub.
While some of these measures may seem a little extreme, a very cheeky 10% have returned clothes that they’ve already worn.
Tim Orton, Product Director for Aviva Pensions and Investments, which carried out the research, said that these financial habits can be extremely beneficial.
“What this research shows us is that many people are already making smart moves to cut their monthly expenditure, and this can only be seen as a good thing, especially if they are saving or investing this ‘extra’ money elsewhere,” he said.
“What’s really important is that people have access to the best information, through product provider and financial advisers, to make the most of this money.”
Far from being a chore for most people, more than half of those polled said they got a buzz from finding good deals and saving money.
A further 36% said they had no problem being called a ‘penny-pincher’ while 28% said they didn’t mind being called ‘tight’ by their friends and family.
“Whatever their ultimate goals, we want people to get into the habit of saving something, however small, now so that they can look after their family in the future or enjoy a comfortable retirement,” added Mr Orton.
If you are struggling with your finances at the moment, despite the money-saving activities, a sudden financial emergency can be a real problem. Think about fast decision loans in this situation, but only if you can repay them quickly.