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Tuesday, 14 July 2009 08:22 |
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New research has today revealed that those in the North West have been hardest hit by the recession in the UK.
Yorkshire Bank's quarterly housebuyers survey has found that 70% of those in this region have changed their lifestyles significantly due to the economic downturn.
The study revealed that 66% of those in the region are actively reining in their spending and are more conscious of their outgoings.
Almost a third (32%) of those questioned in this region also claim to now be saving for bigger purchases instead of using credit and more than a quarter (26%) said they are trying to add to their savings on a monthly basis.
Overall, the results of the survey showed that almost two thirds (64%) of Brits surveyed have had to change their lifestyle due to the current economic crisis.
More than half of those surveyed (57%) said they are thriftier when it comes to seeking discounts and bargains, 32% stay in more often while almost one in four (24%) of Brits said they are planning to forgo a foreign holiday this year.
Gary Lumby, Yorkshire Bank's head of retail banking, said: "The current economic situation has inevitably changed people’s attitudes towards spending and saving. However, the survey has revealed that people are now adopting a more prudent approach to money and this is a positive change." Got views on the above news?
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