Recession encourages consumers to save

| October 2, 2009 | 0 Comments
Recession encourages consumers to save

The recession has made people think before they spend, according to financial advice site Moneynet.co.uk.

Andrew Hagger, Moneynet.co.uk spokesperson, said since the credit crunch consumers are being smarter with their money.

He made the comment after the Office for National Statistics revealed the household savings ratio increased to 5.6% in the second quarter of this year, up from 3.9% in the first quarter.

“People are now getting a bit wiser with their cash, putting it away to cover emergencies or unforeseen events such as unemployment,” Hagger explained.

He is advising people who want to cut back on spending to start keeping a budget.

“It’s important to understand where your money is being spent, as only then can you do something about it,” he said.

“By cutting back on non-essentials, you’ll free up money to start paying debts more quickly.”

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