Brits becoming more “frugal” and tackling debts

The majority of UK adults have changed their spending habits since the onset of the recession, new figures have found.

A survey carried out by Norwich Union has discovered that 81 per cent of people have altered their behaviour towards outgoings, with 75 per cent stating that they have become more “frugal”.

In addition, the study revealed that over a third (35 per cent) are looking to tackle their debt management, while 33 per cent have stopped being reliant on borrowing.

“It’s no surprise that people are feeling the pinch of the recession, yet what is encouraging is that some people are actually developing sound financial habits as a result,” noted head of investments for the firm Anthony Rafferty.

Around half (47 per cent) of the participants said that are making their own lunches rather than buying them, while 54 per cent are opting for cheaper brands of clothing.

Meanwhile, Adrian Lowcock from Bestinvest has stated that homeowners are looking to pay off debts rather than move house at present.

By Jamie Price