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Credit crunched Brits are pinching pennies

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by David Masters

With the recession continuing to deepen, many Brits have started saving up their pennies according to research by uSwitch.com.

Over half (52%) of people in the UK are now following the old adage: ‘Look after the pennies and the pounds will look after themselves.’

Loose change is being kept in a piggy bank and carefully counted, rather than being allowed to fall down the back of the sofa – leading to £1 billion in extra savings, uSwitch.com said.

uSwitch.com also found that more than a third of Brits are more likely to pick up small change they spot in the street than they were a year ago.

Louise Bond, personal finance manager at uSwitch.com, said: “No one knows how long the recession will last and battening down the financial hatches in the short term will ensure that consumers are best positioned to weather the recession in the long run.”

Other thrifty measures taken by consumers include using money off vouchers (53%), and not paying tips to waiters (15%).

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News posted: April 29, 2009

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