Lifestyles changing in recession, survey shows

The recession has prompted nearly two-thirds of Britons to significantly change their lifestyles, research has revealed.

A study carried out by Yorkshire Bank indicated that 64 per cent of people have had to adapt to the current economic climate, with 57 per cent looking for discounts and bargains in order to minimise their outgoings.

Gary Lumby, head of retail banking at the institution, noted that the shift in attitude when it comes to saving and spending was inevitable.

He said: “The survey has revealed that people are now adopting a more prudent approach to money and this is a positive change.”

The north-west was identified as the region where the greatest percentage of people has modified their lifestyles at 70 per cent, with nearly a third saving for bigger purchases in order to avoid credit card debt.

Last week, Motley Fool director David Kuo noted that rising food prices could be taking their toll on household budgets.