Market Research Finds Britons Resigned to Increased Penny Pinching

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14th September 2012 15:07 - Financial Services

An online survey by YouGov of 2,089 adults on behalf of Axa has revealed how Britons are pulling in their purse strings as many do not feel the economy will improve.

Just 16% of those surveyed believe their financial situation will get betterin the long term, while almost one in seven cannot see a time when their income will cover their outgoings and this rises to one in five among those who are the most "stretched" financially.

This "widespread pessimism" has resulted in 28% of Britons cutting back on food bills and almost one in four having to spend less on gas, oil and electricity.

Even higher earners have been hit – a third of this demographic claim they have switched to cheaper supermarkets and dipped into their savings to make ends meet. This covers 32% of the "exclusive lifestyles" group (those in their 50s and 60s who are mortgage-free and have a high disposable income) and 25% of the "successful security" group (people in their 40s and 50s who have an above-average income).

The study further found that the recession has caused one in five people (20%) to stop putting money into a savings nest egg, while 38% now believe that financial education should be part of the national curriculum.

Axa UK Marketing Director, Cheryl Toner, commented: "A pattern of relentless economising has set in since our Big Money Index surveys began in early 2011, and it's showing no signs of easing… However, it is encouraging to note that the younger population feels quietly confident, and that there is growing sentiment that better financial education and more personal responsibility is needed to take control of financial concerns." 

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