CHESTER, England, March 20, 2012 /PRNewswire/ --
- 80 per cent now opt for supermarket's 'own' brand foods over previous use of branded goods
- 62 per cent have turned off their heating even when it's cold
- One in ten skipping meals to feed their family
As Chancellor George Osborne prepares to reveal the cuts and increases he'll be making to the nation's budget this Wednesday, a new report from MoneySupermarket today highlights the 'real' budget taking place in homes across the country as people try and cope with the current economic climate.
The 'Real Budget Report' looked at household adjustments that have been made in the past year and those set to be implemented in the next 12 months as the chancellors' of households across the nation seek to make their own ends meet.
Three quarters of Brits say they have limited their household spending in the past 12 months with a third cutting back on both luxuries and necessities:
- 80 per cent now opt for supermarket's 'own' brand foods over previous use of branded goods;
- 62 per cent have turned off their heating even when it's cold;
- 59 per cent cut money-off coupons out of newspapers/magazines;
- 46 per cent say they're now turning to price comparison sites;
- 38 per cent are now taking public transport to save on vehicle costs;
Almost one in ten have skipped meals to make sure their kids are fed and a similar number have not paid energy or credit card bills in an attempt to cut back on household spending. We've tightened the reins considerably on 'luxury' spend also with 56 per cent saying they've stopped ordering takeaways while 43 per cent have cut back on nights out, opting to entertain at home instead. A quarter have limited the number of coffees they buy on their daily commute and over one in five say they're actively texting or calling people less on their mobile phones.
Almost one in five worry that they won't be able to provide for their family over the next 12 months. 10 per cent of those surveyed in the MoneySupermarket report say they can't see a way out of their current debt.
'Household austerity measures' look set to continue for the remainder of 2012 with two thirds of adults saying they plan to cut back even more in the coming year, other measures on the horizon are:
One in 25 two car households set to become one car households in 2012;
One in 20 will be cancelling their gym membership;
18 per cent will not be giving presents to adult members of the family for birthdays and Christmas;
8 per cent will be transferring to pay as you go instead of contract on their mobile phone.
Worryingly, almost half say they don't see their financial situation getting better any time soon. Nearly one in five admit to having no real plan of how to cut their spending, saying their budgeting can be slightly chaotic.
Clare Francis, site editor at MoneySupermarket, said: "We're all feeling the pinch due to the high cost of living and it is clear that many people are taking drastic measures to make ends meet. Switching to economy brand food or not heating your home when it is cold may help save the pennies but failing to pay important bills could have a bigger impact on your financial situation in the long term.
"In order to free up some vital cash, UK households need to take control of their finances, become their own chancellor and review all of their financial products to make sure they are benefiting from the most competitive deals on the market. Apathy is rarely rewarded and switching from average deals to the market leading option on a range of financial products could save over £1,000."
Notes to Editors:
The research of 1,120 was carried out by Opinium Matters between 6 March and 9 March 2012.
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