UK Money News
18th February 2008
Fears over credit crunch spurring Brits to save
Fears over the impact of the credit crunch has prompted a new wave of fiscal responsibility among Britons, a study has shown.
A poll conducted by Friends Provident found that 66 per cent of UK adults are planning to tighten their belt financially this year in anticipation of a slowing economy.
Consumer concern over the direction of the economy is so widespread that 33 per cent are planning a total overhaul of their finances in a bid to save money.
Meanwhile, 41 per cent said they have prioritised drawing up a new budget to help monitor their spending and help them save money.
James Ward, director of marketing at Friends Provident, said the poll's findings were indicative that the credit crunch "is already impacting on consumers, both financially and psychologically".
He added: "Our research found that 40 per cent of people are worrying more about their finances because of the credit crunch.
"The trick is to harness this heightened awareness and to do something positive, like overhauling your finances, budgeting effectively, and investing your money in a way that makes it work smarter for your needs."
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