Nearly all Britons are planning on cutting back their spending in order to survive during the current financial downturn, new research has revealed.
The study, conducted by Legal & General, found that 93 per cent of the population is taking action to reduce their outgoings during the credit crunch.
Buying cheaper food and keeping fuel bills low were cited as the top priorities by the 4,200 respondents, followed by reducing the amount of takeaways or restaurant trips.
And 36 per cent of young Britons – who may already have debt due to time spent at university – are planning to reduce their outgoings by cycling more, while 11 per cent have considered moving back in with their parents.
Young people are not the only group who need to take steps to improve their debt management.
Age Concern recently warned retirees of the need to adjust their lifestyle during the credit crunch.
By Tom Musk