Brits Plan Sweeping Changes As Credit Crunch Hits

Brits Plan Sweeping Changes As Credit Crunch Hits According to new research from Legal & General, 93% of people in Britain are making major financial cutbacks in the home, in order to survive the current economic turmoil.

At a time of market uncertainty, when UK homes have been hit by a string of major cost of living hikes, the new research suggests that the majority of British families are responding, by taking practical action to combat the financial pressures.

Legal & General’s ‘Changing Face of British Homes research’, points to widespread action being taken to tackle the market downturn head on, across all age groups and all regions.

The survey of over 4,200 people, asked Brits what steps they are taking to keep home and living costs down.

The top 10 ways being taken to beat the downturn across the UK:

  • 1. Buying cheaper food – 65%.
    2. Initiatives to keep fuel bills down – 65%.
    3. Cutting down on takeaways / eating out / ready meals – 50%.
    4. Switching to cheaper utility/energy provider – 39%.
    5. Shopping around for cheaper home insurance – 32%.
    6. Walking or cycling more – 29%.
    7. Putting off home improvement projects – 27%.
    8. Having a car boot/ eBay sale – 22%.
    9. Making energy saving/ home improvements – 22%.
    10. Growing own fruit and vegetables – 20%

Legal & General has developed an online calculator, to help people determine the amount of household insurance cover they should consider having in place.

It is hoped that by using this service, customers will be able to place a more accurate valuation on their contents, to ensure they have a realistic and cost effective level of household contents insurance cover in place.

Tel: (0800) 02 77 156

Read more about: Home Finance