Consumer spending anxiety on the up as households look to cut back before Christmas
Brits are growing increasingly anxious about the rising cost of living and are dining out less and shopping in cheaper stores.
With food and energy bills on the up, more than one in three are nervous they will be unable to pay for essentials, according to a survey of 2,000 UK adults.
Almost half of survey respondents said they were going to restaurants less frequently in a bid to save money while more than four in ten were shopping in cheaper stores and supermarkets.
What’s more, four in ten said they were cutting back on treats over the next three months, in the survey by financial mutual, Scottish Friendly.
An inflation rate of 4.2 per cent, the highest level for ten years, was “undoubtedly a cause of concern for some,” Kevin Brown, savings specialist at Scottish Friendly, said.
He added: “With sharp price rises, Christmas just around the corner and expected increases in national insurance in 2022, it’s a challenging time for a large majority of Brits.
“For those that are feeling the pinch, having a really good handle on all your outgoings to prioritise the essentials and potentially cut back on other areas can help.”