Consumers remain “cautious” with cash

Many consumers who have not been hit particularly hard by the credit crunch are still remaining “cautious” with their finances, it has been claimed.

It comes after a study by research organisation BDRC found that while 34 per cent of people have not felt the effects of the downturn, 60 per cent are being prudent in the wake of the crisis.

Director of the group Mark Long noted that caution has become the “dominant mindset” among the British population.

“While half of [people] have experienced financial adversity during the recession, half have not,” he remarked, adding that the latter will still approach financial matters tentatively.

The survey discovered that 17 per cent of those questioned have been “hard hit” by the slowdown and have had no choice but to scale back their expenditure to help with debt management.

Over half (54 per cent) have cut back on eating out at restaurants, while 46 per cent are visiting less sports events.

By Jamie Price

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