Brits ‘reducing expenditure to cut debt risk’

A number of people in Britain appear to be cutting down their expenditure in an attempt to stave off the risk of debt, a new study has suggested.

Research carried out by Gocompare.com revealed 59 per cent of UK adults have reduced the amount of trips they enjoy to a restaurant and the number of takeaway meals they order.

The survey found the majority of individuals have started cooking their own meals at home to save cash, while 38 per cent now take packed lunches to work and 32 per cent have got in to the routine of purchasing groceries from discount stores rather than supermarkets.

Moreover, the investigation discovered consumers are cutting back on other items as well as food.

Of those questioned, 44 per cent admitted they are buying fewer items of clothing and footwear, while 17 per cent have taken to getting their outfits from supermarkets and discount stores.

Furthermore, 24 per cent of those quizzed said they currently shop for household goods on sites such as ebay and 31 per cent stated they intend to spend less on birthdays and Christmas than they have in previous years.

Almost 25 per cent of respondents claimed they needed to make such changes in order to make ends meet.

John Miles, business development director at Gocompare.com, said: "Clearly Brits are looking to make cut backs to help their cash go further."

Recent research carried out by R3 revealed almost 19 million people in the UK are worried about the level of personal debt they currently have. In addition to this, there has been an increase in the number of people trading in goods for cash or using pawnbrokers.

By Amy White