Most UK consumers ‘cutting back’

A majority of adults around the UK are cutting back on the amounts of money they spend on a monthly basis, according to recent research.

With millions of British households already struggling to deal with their debt management difficulties, close to 57 per cent of consumers are now looking to trim their spending, MoneyExpert reports.

A recent study by the price comparison firm found that around a third of adults plan to reduce the amounts they spend on going out and roughly the same proportion intend to stop splashing out so much on clothes.

In light of its own research, MoneyExpert has encouraged consumers around the country to deal with their personal loan and credit card debts as soon as they can.

“The credit crunch is moving on from being something that just affects bankers to having real effects on real people in the real economy,” said Sean Gardner of MoneyExpert.

Meanwhile, figures released by research firm GfK NOP last week indicated that consumer confidence in the UK has reached a 15-year low in recent weeks.