"The average Brit has saved £1,411 by cutting back this year - due to continuing cost-of-living pressures, according to research. A poll of 2,000 adults found 83 per cent have tightened purse strings during the past 12 months, with holidays and going out among the biggest sacrifices. Others do their weekly shop at more affordable supermarkets, have cancelled TV subscriptions, spent less on eating out, while others have made cutbacks by buying fewer new clothes."
"The research revealed almost 38 per cent think they will be in a worse financial position after the budget - and 64 per cent are likely to make further cutbacks this year. In a bid to make more money, 35 per cent have sold old clothes, 28 per cent have invested money and 21 per cent started a side hustle."
An average Brit saved £1,411 this year by cutting back, averaging £117.60 per month in reductions. Eighty-three percent tightened spending over 12 months, cutting holidays, nights out and discretionary purchases. Many switched to cheaper supermarkets, cancelled TV subscriptions, ate out less and bought fewer new clothes. Thirty-two percent worry about affording Christmas. Sixty-four percent blame rising costs and 20 percent fear tax rises. Thirty-five percent sold old clothes, 28 percent invested and 21 percent started side hustles. Forty-five percent plan to save cutback money; 29 percent will spend on essentials. EV cost concerns affect some purchase decisions.
Read at London Business News | Londonlovesbusiness.com
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