Brits showing mixed reactions to credit crunch, survey shows

The credit crunch may have affected the housing market and availability of credit cards but in other areas people are showing varying degrees of impact, according to a new poll.

The survey, undertaken by Norwich and Peterborough Building Society, indicates while many people are cutting back on luxuries remain debt free, others are spending the same as last year.

Some 44 per cent of people have not changed their holiday plans, while 40 per cent are considering taking fewer trips and 13 per cent have scrapped travel plans.

Over a quarter (27 per cent) of respondents said they have started a household budget and 16 per cent have found extra work to make ends meet. However, 37 per cent said they made no changes.

The building society’s group product manager Gary Lacey said: “It is interesting that a large proportion of those who took part in our survey don’t appear to be taking drastic measures with their finances just yet.”

The poll found families are the worst hit, with 75 per cent spending more on everyday bills and shopping.

By Morwenna Kearns