UK Consumers Scared of New Costs, Christmas Costs and VAT Rise in January
A recent survey found that people aren't going on holidays, are cutting back immensely on necessities, not having a baby and worried about their money.
SURREY, ENGLAND, November 11, 2010
A recent survey found that people aren't going on holidays, are cutting back immensely on necessities, not having a baby and worried about their money.- Brits are worried about their money more now, than 12 months ago - 88% agree
- Couples are putting off having a baby - 14% of respondents
- Putting off a wedding - 13% of people
- Per month people are GBP250 worse off (66%), GBP500 worse off (15%), or GBP500 worse of and upwards (10%)
- Worried about Christmas costs (57%), paying energy costs (48%), paying rent or mortgages (40%)
- Worried about job security for themselves or their partner's job - 45% of people in the UK
Almost all British consumers were found to be worried about their money, and 88% of them agreed that they were worse off than 1 year ago. The amount of monthly deficit compared to last year was found, in a recent survey, to be 68% had GBP250 less per month, 15% had GBP500 less per month and 10% over GBP500 less per month than in 2009.
The data was collected from more than 1,000 people in the UK, for DiscountVouchers.co.uk - the money saving site - and it found that particularly this time of year that 57% of people would struggle to pay for Christmas; there were concerns (48%) of people about affording their electricity and gas bills; 46% were worried about their mortgage payments or rent; 27% of people worried about paying for school and children's activities costs.
Decisions in life have been put on hold, due to money worries, such as 14% not having baby until their money problems were sorted out; 20% of people are staying at their current job instead of trying for a better one; those wanting to buy a new house (27%) have put it off; and 13% of people getting married have put the date on the back-burner.
Job security is also a worry for people, with 45% of consumers are worried about their partner's job or their own job and as a result of the worries, one in ten people have had to help their cash flow with a payday loan or short term agreement loan.
DiscountVouchers.co.uk media contact, Mr Simon Terry, commented on the survey results: "It's obvious that money is difficult to keep hold of right now, despite the recession being in the news more last year, than this year, although it's still hitting us hard in the wallet."
He added, "Fuel costs are up, as are energy bills, there are 83% of people in the UK that are worse off a month by GBP500 and there is an impending VAT increase in January 2011, money is looking like it will be tighter for many of us. At the moment, the key ways to looking after finances are haggling in shops, taking advantage of money off vouchers and comparing prices, are all part of good money management.
The people that responded to the survey, told of ways they were saving money and cutting back on items to help them get by. 82% of them said they were saving money by stopping going to the pub or eating out at restaurants; 70% stoped buying clothing so much; 69% reduced their holidays; and 67% of people said they were scrimping on their food shopping bill to make ends meet.
Respondents were cutting costs in other areas too, such as 36% of people were reducing the amount of time wasted on their mobile phone; lessons and activities for children were reduced by 13%; and car insurance or home insurance policies accounted for 16% of people trying to reduce the cost.
During shopping, those people were using money off vouchers (86%); 82% of people were checking the prices of items beforehand on comparison websites before buying; 72% said they had started using cheaper shops; and 27% of people were trying to haggle with the prices of items. Only 0.5% of people were just dealing with the costs, and weren't trying to save money.
In an attempt to generate some extra cash flow, 56% of people were using car boot sales or eBay to sell things; 20% of people work two or more jobs; 7% of people are creating their own clothes or food to sell; 3% of UK consumers had now have a lodger in their room; and 2% were offering themselves to medical trails to generate cash.
More information can be found at www.discountvouchers.co.uk.
About DiscountVouchers.co.uk
DiscountVouchers.co.uk features the latest money saving offers from a growing range of retailers, all updated in real time. Designed to help consumers save money with both leading high street brands and specialist retailers, DiscountVouchers.co.uk offers one of the widest choices of discounts available.
Part of ASAP Ventures Ltd, the company behind the award winning Carrentals.co.uk price comparison site, DiscountVouchers.co.uk is committed to offering a growing range of the best savings available online.
For more information visit www.discountvouchers.co.uk.
Media contact -
Rachel Builder, Debbie Williams & Jenny White
Context
rachel.builder@contextpr.co.uk
Debbie.Williams@contextpr.co.uk
jenny.white@contextpr.co.uk
T: 01625 511966