Consumers stay at home to avoid impact of economic downturn
By MoneyhighStreet Staff. Published on July 7, 2008 This post currently has one comment.
As the economic outlook in the UK continues to darken, new research has suggested that consumers are making considerable lifestyle changes to avoid debt and financial difficulty.
Research from Legal & General showed that 82 per cent of adults in the country have already made significant changes to their home life as a result of current financial uncertainty.
For example, 39 per cent said they were spending more time at home in a bid to save money and avoid debt.
What''s more, 26 per cent said they have cancelled holiday plans and 29 per cent said they would be carrying out their own home improvements to reduce their expenditure.
"The research highlights just how much our homes and home life can change as a result of wider influences on our lives," commented Ruth Wilkins, head of communications at Legal & General.
"The current economic situation is no exception and the repercussions are already affecting people''s home lives, as shown by the latest research results.
"It is particularly interesting that Brits'' homes are becoming increasingly important to them as a shelter from the financial uncertainty."
Recently, Ernst & Young reported that the average household''s monthly discretionary income is now only £772.79, down from £909.84 in 2003 and 2004.
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