40 Million Britons Cut Back As Recession Continues To Bite

Although we are technically out of the recession, millions of people in the UK are still struggling to handle their day-to-day expenses, so are still cutting back as a result.

According to Santander, 40 million people in this country are still continuing to cut back on their outgoings. It says there is has been a recent emphasis on shopping around for good deal on groceries, switching off lights and electrical items, and starting a culture of ‘make do and mend'.

Many people have had to go through the last two years with no pay rise and probably a pay cut while seeing their bills and financial responsibilities grow. This has led them to tighten their belts as far as they will go. While over half of Brits are looking around for the best grocery deals, one in five have started taking their lunch to work – people are being forced to sacrifice so as to be able to afford to pay their mortgage, their loans and their bills each month.

Helen Bierton, head of Santander current accounts says: "Forty million people are still feeling the pinch and trying to find ways of slashing their outgoings to cut back, including starting a ‘make do and mend' culture, buying second hand goods on eBay and in charity shops, or cutting reducing household help and their childrens' pocket money."

One of the best ways to ease the financial burden is to consolidate existing debts into one manageable secured loan. It would give you a little bit extra each month, which would go a long way in making your life easier during these continuing tough economic times.

SOURCE: Santander, 26/03/10

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