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Britons adopt no-frills lifestyle

Britons adopt no-frills lifestyle

Category: Credit cards

Updated: 30/04/2009
First Published: 30/04/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Britons have adapted to the financial woes that have dominated the last 18 months by switching to a no-frills lifestyle.

More of us are shying away from expensive and luxury purchases in a bid to make our money go further, according to Abbey.

There has also been a year on year increase on the amount of second hand goods purchased by consumers, with previously owned white goods proving to be particularly popular.

Household commodities, such as cleaning products, are the number one no-frills choice for consumers, with 73 per cent opting to buy them.

Food (65 per cent), toiletries (50 per cent), clothes (44 per cent) and budget holidays (42 per cent) are also areas where the UK public are making significant savings.

Over half of the public (58 per cent) said they were more likely to buy simple products now than they were a year ago, although three in ten said they had always gone down the no-frills route.

"It is no surprise to see Britons reassessing their spending habits at a time when every penny counts," said Roger Lovering, managing director of Abbey Credit Cards.

"In today's difficult economic climate, reviewing your monthly expenditure to find ways you can make your money go further is absolutely essential, which is why straightforward, good value products are the order of the day."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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