Everest industry news
Four in five consumers are cutting back
08 July 2008
More than four in five adults in the UK are having to make changes to their lifestyle in order to cut back on their household spend.This is according to new research by Legal & General, which shows that 39 per cent of Brits are spending home time at home in order to reduce their outgoings.
The firm's Changing Face of British Homes report also reveals that a large number are opting to do without luxuries such as satellite television, or choosing to scale back their holiday plans.
As saving money by entertaining at home becomes more common, so property improvement is growing in importance. Nevertheless, 29 per cent of British adults aim to do their DIY work themselves.
One area Brits appear reluctant to cut corners is with their employment of help around the home, with chores such as cleaning or gardening. Just four per cent said they were prepared to stop paying for a helper.
"The research highlights just how much of our homes and home life can change as a result of wider influences on our lives," commented Ruth Wilkins, head of communications at the general insurance arm of Legal & General.
"It is particularly interesting that Brits' homes are becoming increasingly important to them as a shelter from the financial uncertainty," she added.
Many homeowners are finding ways to save money by doing their bit for the environment, such as by installing solar panels and wind turbines to provide clean home electricity.
Other less ambitious but equally savvy methods include fitting double glazing and insulation, which can both help to reduce heat wastage and cut back on fuel bills.
