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Credit crunch prompting increase in family time

Credit crunch prompting increase in family time

Category: Loans

Updated: 20/01/2009
First Published: 19/01/2009

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 It is now over 6 months old so the content may be out of date.

Consumers are increasingly choosing to spend time at home as they try to weather the economic downturn by cutting costs, it has been found.

A survey conducted by Abbey's internet banking division cahoot revealed that 39 per cent of people are opting for more time with friends and family.

Nearly one in five were also found to be attempting to reduce the cost of food and cooking by sharing meals, as the pressures of credit card bills and unsecured loans take their toll in many cases.

Respondents expect to save more than £400 each through the measures and head of cahoot Matthew Timms noted that the credit crunch has led to a change in habits.

"Staying in really has become the new going out as we seek to cut costs by conducting more shared activities inside the home with family and friends," he said.

The economic downturn did not prevent 29 per cent of charities seeing an increase in donations for their Christmas appeals, according to the Charities Aid Foundation.

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