Give Up For Lent and Be Abroad This Time Next Year

LONDON, ENGLAND, March 18, 2011 (Press-News.org) With the cost savings of giving something up for Lent likely to reach GBP57.37 by Easter Sunday, Lloyds TSB Savings believes that people may consider prolonged or permanent periods of abstinence to enable them to meet long-term financial goals.

Of the 66% making a lifestyle change, a third (30%) would like to sell unwanted possessions on eBay, rising to almost half (48%) of 18 to 24 year olds, but decreasing to as few as one in five (19%) in Scotland. One quarter (25%) would like to shop less, 22% to start cycling or walking to work and cutting back on going out for dinner (22% respectively) and 21% to start taking their own lunch to work.

When it comes to those giving up a specific item, chocolate tops the polls (24%), followed by junk food (20%), takeaways (19%) and alcohol (18%).

Over four-fifths (82%) of respondents are currently saving towards a long-term financial goal. A holiday abroad is the most popular choice for over a third of people (37%), increasing to almost half (49%) of 18 to 24 year olds. By continuing with the lifestyle adjustments made at Lent, which achieve cost savings of GBP57.37, or GBP44.46 a month, it would take just over a year (14 months) to save the GBP640 required to take a holiday abroad.

Other long-term financial goals include topping up savings levels (30%), home improvements (26%), UK holidays (19%) and new clothes (14%.) Of these, home improvements are the most expensive at GBP1,128 and it would therefore take two whole years (25 months) to pay for these out of Lent savings alone.

Despite chocolate being the most popular item to give up, especially amongst women (women: 29%, men: 19%), it produces the smallest Lent cost saving at GBP7.89 or GBP6 a month. Alcohol comes in at more than ten times this to reach GBP80 or GBP62 a month, the largest Lent cost saving. As a result, anyone reducing their alcohol consumption on a long-term basis, would not only be healthier, but could also be on holiday abroad by the New Year, as it would only take ten months to save the required amount.

In addition, whilst selling unwanted possessions on eBay would add to the income pot during Lent, the biggest cost saving from a lifestyle change would come from cycling or walking to work. GBP54.86 during lent or GBP42.51 a month could be saved from the cost of rail, tube and bus fares, which means that a holiday abroad next Summer (15 months) would become reality, not just a dream.

According to the research, 18 to 24 year olds will save the most money during Lent at GBP96.80, compared to only GBP25.88 for those aged 65+. At a regional level, those in the South East fare the best at GBP69.33, compared to only GBP43.42 in Northern England.

Greg Coughlan, head of Lloyds TSB Savings products, said; "By carrying on with the lifestyle adjustments that you make during Lent you can cut back on your outgoings, improve your quality of life and put the money you save towards an even brighter future.

"The best advice is to be realistic about how much you are saving, be clear about what the money will be used for and put the money into a separate savings account each month."

Note to Editors

Research conducted by ICM Research amongst 2003 people between 23rd and 25th February 2011.
Price of a holiday abroad, based on GBP12.30 a week. This equates to GBP639.60 a year.
Amount spent on home improvements is GBP21.70 per week. This equates to GBP1128.40 a year.
Amount spent on alcohol is GBP14 per person, per week. This equates to GBP80 over Lent.
Amount spent on transport services; rail, tube and bus fares; is GBP9.60 a week. This equates to GBP54.86 over Lent.
(Source: Family Spending Statistics, ONS)
Amount spent on chocolate is GBP72 per person, per year. This equates to GBP7.89 over Lent. (Source: Christian Aid.)

Website: http://www.lloydstsb.com

For further information:
Deepa Bose
Telephone: 020 7356 1405
Email: Deepa.bose@lloydstsb.co.uk

Claire Miller
Telephone: 01422 332833
E-mail: ClaireMiller@halifax.co.uk