Young adults are biggest post-crunch savers
UK adults aged under 35 have cut their yearly living expenses by £826 more than the over 55s, according to research by Abbey savings.
Brits aged 18-34 have managed to cut an average of £3,599 from their annual outgoings since the start of the credit crunch.
By comparison, the over 55s have cut annual spending by just £2,773.
Abbey found that the ‘vast majority’ of people in the UK are reducing spending to save their way through the recession.
Consumers of all ages and in all regions are saving more and spending less as the recession deepens.
Food spend has been a major target for cut backs, with 69% of people reducing their weekly food shop by an average of £17.10 by switching to cheaper brands and shopping in less expensive supermarkets.
Thirty five percent have reviewed their finances and switched to a less expensive products, including 0% credit cards.
Abbey’s director of savings and investments, Reza Attar-Zadeh, said: “It can be surprising how even making a few small changes to our way of living – such as buying a cheaper brand of food or ditching take-aways in favour of making something from scratch – can add up to hundreds or even thousands of pounds in savings over the course of a year.”
Previous research by Abbey found that people in the UK are becoming more environmentally friendly because of the credit crunch.
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