Recession ‘changed consumer debt habits’

Consumer attitudes to finances and debt changed during 2009 as a result of the recession, it has been suggested.

According to the Charities Aid Foundation (CAF), many people are now looking to save more and spend less and have modified their habits as a result.

Approximately 26 per cent of consumers asked in December said they were saving more than at the start of the year, while 44 per cent are spending less on going out.

In addition, 38 per cent are spending less on holidays and 30 per cent are making an effort to buy goods from cheaper retailers.

John Low, chief executive of the CAF, commented that such a change in behaviour could affect an entire generation of people for the better.

“As we move out of this very painful recession, it seems that society will emerge more caring and compassionate than before,” he remarked.

The figures were released after Go Compare revealed 32 per cent of adults in the UK intend to make getting out of debt a new year’s resolution.

By Chris Trimble