Young people ‘looking to save during credit crunch’

Savers are cutting back on their spending as a result of the credit crunch, with young people showing a keenness to reduce their outgoings, a new survey has found.

The Alliance & Leicester report found that 29 per cent of Britons have made saving their top priority during the economic downturn, while 36 per cent of the younger generation are resisting unnecessary spending.

And nearly half (48 per cent) of those surveyed are using the internet to find out the best deals and advice on saving, a figure that rises to 56 per cent among young people.

“It’s encouraging to see that … a good number of people have responded to the credit crunch by putting sensible measures in place,” Hertal Parmar of Alliance & Leicester stated.

Those looking to improve their debt management may wish to use saving as one method to help regain control of their finances.

A quarter of Britons are struggling financially during the economic downturn, with 3.7 million having problems with credit card debt, research from Axa revealed recently.

By Tom Musk