31-03-2008
Credit crunch prompts spending fall
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
A number of UK adults are planning on reducing their outgoings over the forthcoming year, it has been claimed.
According to the findings of a study released by Money Expert, out of every six Britons, there is almost one with a plan to reduce spending levels as a consequence of concerns over the current crunch on credit.
Specifically, a total of 12 per cent have chosen to change their plans to purchase a car, while 23 per cent will reduce their weekly outgoings on food.
"The credit crunch is moving on from being something that just affects bankers to having real effects on real people in the real economy," said Sean Gardner, a representative from Money Expert, an organisation established in 2003.
"There is however a risk that we could talk ourselves into a recession by panicking unnecessarily."
A further 31 per cent plan to cut spending levels on clothing and six per cent no longer plan to move home.