Inflation ‘forcing UK into action’

The effect of inflation on everyday costs is prompting Britons to take action to improve their financial situation, a new survey has suggested.

According to Abbey, 86 per cent of people in the UK intend to make a change in their life that can help them get on top of their finances or even get debt free.

For example, 84 per cent intend to cut back on non-essential items and begin to shop smarter, with 61 per cent looking for offers and deals.

Meanwhile, many are looking to make more money on top of their regular earnings. A second job is on the agenda for 12 per cent, while 30 per cent aim to sell possessions.

Phil Cliff, director of mortgages at Abbey, said the figures are evidence of the tightening of belts across the UK.

“Careful financial planning and budgeting can help combat the effects of rising inflation – and everyone should ensure that they are shopping around for the best financial products,” he advised.

Related research by Abbey found that the UK could save £800 million a month through a more sensible approach to shopping.

By Neil Condron

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