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Consumers making lifestyle changes to reduce outgoings

Consumers making lifestyle changes to reduce outgoings

- Thursday, 29 July 2010

British consumers are changing their spending habits and cutting back on luxury goods, possibly to help them deal with debt problems.

According to Santander, four in five Brits have switched to cheaper supermarkets and 55 per cent have started shopping around to find the best deals in order to reduce their outgoings.

Money saved could be going towards clearing debt problems or being put aside to cope with spending cuts.

Another 28 per cent of people now buy items from eBay or charity shops instead of buying brand new goods and 12 per cent are growing their own food.

Luxury items such as a daily caffeine fix from a coffee shop or buying lunch have also been cut out of some consumers' lives.

Helen Bierton, head of Santander Current Accounts, said: "The coalition government has warned of the impending 'age of austerity' for a while now, but most of the British population are already taking measures to cut down on their daily expenditure."

Moneysupermarket.com recently urged consumers to shop around for the best savings deals from banks in order to obtain good interest rates, which may help with debt problems.ADNFCR-2300-ID-800007862-ADNFCR
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