More than 80 pct of families cut back spending
More than 80 percent of families have changed their spending habits due to the credit crunch, with many households cutting back on grocery expenditure and non-essential items, according to a survey on Wednesday.
Why is it so difficult to switch broadband?Some 77 percent said they had reduced spending on food, while another 66 percent said they were allocating less for discretionary items, the research carried out on behalf of white goods company Hotpoint found.
"With the credit crunch now in full swing, money is a concern for many families across the UK, so it's no wonder people are thinking twice about how they're spending their time and money in the home," said Susannah Holloway, Hotpoint Brand Director.
The extra burden on expenditure due to rising inflation has forced households to choose food more carefully, purchase frozen food and entertain at home.
Scaling back of travel plans, managing eating out and curbing use of private transport were also high on the list of cost-cutting measures.
The sagging housing market has affected people's decisions about moving and renovating homes, the survey showed. In a bid to save money, families were taking on home repairs themselves rather than contracting them out.
The research showed that Londoners in particular were feeling the pinch, with 18 percent preferring to invest in doing up their kitchens and purchasing new appliances, as opposed to spending precious pounds on moving house. This compared to a nationwide average of 12 percent.
The kitchen proved to be the highest priority in terms of home improvement, with almost half of those surveyed choosing to renovate their eating space over the bathroom and the lounge.
The survey questioned 1,427 people across Britain.
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