British consumers have become less confident about spending their own cash in recent months, new research from Legal & General (L&G) has suggested.
According to the study of the UK’s spending mood, the number of people around the country who feel happy to splash the cash has fallen across all age groups and most sharply among women.
With millions of British consumers struggling to become debt free, the firm behind the research has attributed the growing inclination to avoid spending to the issues affecting the national economy.
Additionally, the L&G poll discovered that 11 per cent of people are currently spending more on paying bills and repaying debts than they earn on a monthly basis.
Julia Clayworth, L&G’s wealth management head of marketing, said: “As people become more cautious with their spending habits, now is the time to really think about building a savings plan which could prove invaluable if the recession really takes hold.”
CreditExpert reported recently that the confidence UK consumers have in borrowing has been falling in recent weeks.