Brits bargain-hunting to stave off debt troubles?

It appears many people in Britain are becoming bargain-hunters in an effort to stave off the need for debt management help, according to new figures.

PayPal’s annual UK Online Retail Report has shown Brits are constantly looking to save money on their transactions.

Whether shopping on the high street or through the internet, 88 per cent of consumers admitted they now search for special offers or promotions.

This equates at more than 43 million individuals and is an increase of nearly 1.5 million people recorded in 2009.

Moreover, almost three-in-five shoppers (62 per cent) stated they have used codes or discount vouchers to purchase goods in the last six months.

The majority of respondents (53 per cent) who use the world wide web to buy products said they even compare the costs of small, everyday items.

And it appears women are most prone to search for bargains, as more than nine-in-ten (93 per cent) of females claimed they scour for discounts, compared to 84 per cent of men.

Around 18 million adults in the UK (37 per cent) acknowledged they can be obsessive when locating the cheapest alternatives and use every money-saving tool that they are aware of.

Sue Hayward, a contributor to the report and a personal finance journalist, commented: “I think most people are looking to make their money go further rather than cutting back.”

However, recent research carried out by Confused.com revealed many individuals in the UK find their financial situation baffling, as 71.9 per cent of respondents admitted they suffer confusion regarding how best to handle their cash.

By Amy White