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Brits stay in to beat credit crunch

04/07/2008

Brits are spending more time at home in an attempt to weather the economic storm, research shows.

Research from Legal & General reveals 39 per cent are spending more time at home as they attmpt to save money, while one in four (26 per cent), have changed their holiday plans as a result of the credit crunch.

Cutting back on luxuries around the house is also high on the list, with 38 per cent planning to go without Sky TV or fresh flowers.

People of working age living on their own are the most likely to be going without luxuries, 46 per cent.

Single parent households are affected the most, with over 90 per cent of single paren families making changes to their home life, compared to 82 per cent of households on averge.

More single parent families are changing their plans to go on holiday, 35 per cent, compared to the average household, 26 per cent.

Homes in north Scotland and the borders are experiencing the biggest impact with 89 per cent of households making changes in order to save money, followed by the north-east and Wales and the West Country, with 88 per cent of households making changes because of the credit crunch.

Ruth Wilkins, head of communications at Legal & General's general insurance business said: "The research highlights just how much our homes and home life can change as a result of wider influences on our lives.

"It is particularly interesting that Brits' homes are becoming increasingly important to them as a shelter from the financial uncertainty."

However, there are still things that Brits won't cut back on. The findings show that just four per cent would no longer employ a cleaner, or gardener, in order to save money.