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According to the latest Spending Power Report from Lloyds Bank, 63% of Brits have done some kind of savvy spending since the start of 2018. There are several ways in which consumers are being extra savvy this year, from using vouchers and discount codes to switching providers for a better deal. All of this can add up to some impressive savings.
The savviest savers were found to be women, parents and higher earners; 72% of women said they've used various means to save money, compared with 54% of men. Additionally, 68% of women reported using vouchers, discount codes, rewards and/or cashback, with only 51% of men doing the same, while 34% of women have signed up to a mailing list or scheme to get discounts (something that only 19% of men have done).
Similarly, 68% of parents have used vouchers, rewards and cashback, compared with 56% among those without kids. These same differences can be found among higher earners (those earning over £35,000) versus lower earners and for young people (34 and under) compared with those who are 35 or over.
The younger generation is particularly savvy when it comes to switching providers, as 15% of 25-34 year olds have reported doing so, compared with just 5% among those aged 65 and over. With an average £91.98 saved since January by switching or joining new providers, more people can clearly benefit from comparing their current deals and looking at the wider market.
Indeed, we reported on Monday that easy access savers can benefit from looking at lesser-known brands, and there are plenty of ways that consumers could save that little bit more to put into a brand-new savings account. For example, while most are focused on saving money on their next holiday, at 71%, there are lots of areas that could benefit from some savviness – only 29% reported making any savings on their bills, for instance.
So, whether it's comparing gas and electricity providers to see if you can get a better rate or taking a look at the savings charts to find the highest interest – or even getting a cashback credit card to earn a little back every time you spend – there are many different things that you can do to become part of the UK's savviest spenders.
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