UK Money News
16th April 2008
Cash-strapped Brits cutting contributions to savings
Increasingly numbers of Britons are cutting back on their contributions to savings plans in the face of the worsening economic conditions, it has been revealed.
In a poll conducted by market analyst Mintel, 57 per cent of those surveyed said they had cut their spending in response to reports of a slowdown in the economy and rising household bills.
Of these, more than one in ten (11 per cent) said that they are now not depositing any money into savings plans.
Other areas where Britons are cutting back include holidays, with 20 per cent saying they have delayed their break, and planned home improvements which have been postponed by 16 per cent of respondents.
Peter Ayton, chief statistician at Mintel, said: "People are clearly starting to get a sense that things are not as easy financially as they once were.
"In light of the credit crunch, borrowing has now become harder and we are likely to see even more people having to make sacrifices when it comes to their spending in the future."
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