Over 26 million adults plan to make cut backs this year
Nearly 1 in 6 adults plans to cut their spending according to Moneyexpert.com research.
That equates to 26.3 million people cutting back this year, a sure sign that the credit crunch is really affecting people’s personal finances in the UK.
57 per cent of us plan to cut back over the next 12 months, 23 per cent of people on things like food shopping, 31 per cent of people on clothes shopping and 32 per cent will reduce the amount they spend on going out and general entertainment. A further 12 per cent of people won’t buy the car they planned to and 6 per cent will not be moving house.
Urging people not to panic, Sean Gardner of www.Moneyexpert.com said: “The credit crunch is moving on from being something that just affects bankers to having real effects on real people in the real economy.
“There is however a risk that we could talk ourselves into a recession by panicking unnecessarily. Certainly anyone who is struggling financially should be taking action but that has always been the case.
“There are still plenty of good deals out there and people with good credit records still have plenty of choice. There’s no need to panic.”
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