Britain Resounds With Sound Of Belts Tightening
The majority of Britons are preparing themselves to make substantial cutbacks in the coming months as inflation continues unabated.
Such is the assertion of Abbey, which has found that 86 per cent of people will involve themselves in one form of belt-tightening activity or another. Extrapolating results of a recently conducted survey, the financial services provider indicated that as many as 1.3 million Britons are looking to sell their cars in the near future in an attempt to rein in travel costs as fuel prices soar. Meanwhile, more than half of those questioned said they had changed their holiday plans as the pound puts in a weak performance against the euro.
Abbey also identified that 44 per cent of those questioned are looking to find money from a source other than their regular employment, while 84 per cent of people said they would be cutting back on non-essentials such as magazine subscriptions in the coming months in an effort to reduce outgoings.
For as many as 13.6 million people, rising living costs and price inflation are necessitating the sale of some form of personal possession. For those who are loath to part with items such as TVs, stereos or jewellery, taking out a cheap loan may help people to cover usual expenses and still enjoy familiar pastimes. Meanwhile, for those who have considered themselves unexpectedly short due to a large purchase or inflated fuel bill, taking out a payday loan might prove an effective way to cover the interim period until the next paycheque arrives.
Indeed, the figures would suggest that many Britons are finding it difficult to make ends meet on current wages. For 12 per cent of people, taking on a second job will become necessary in the coming months. More drastically, Abbey identified that four per cent of people are considering becoming a research subject in medical trials in a bid to stump up some much needed cash. As many as 1.3 million people – three per cent of the population – said they planned to pawn a possession in the coming months in an effort to keep themselves afloat.
Phil Cliff, director of Abbey Mortgages, commented: “With over eighty per cent of Brits taking measures to save money and earn extra cash, it’s clear that belts are tightening all across Britain. Careful financial planning and budgeting can help combat the effects of rising inflation and everyone should ensure that they are shopping around for the best financial products. Abbey Mortgages’ research shows that there is also considerable evidence of ‘tightening belts’ across the country … Almost two thirds (61 per cent) of us are already taking extra care to make the most of offers and discounts when shopping.”
For those looking for an effective way to weather the financial storm, taking out a low rate loan may be a prudent course of action. In doing so, people may be afforded the flexibility to meet all payment responsibilities and begin to get finances back on track. Taking out this type of loan may also be of interest to those struggling with pre-pay utilities expenditure. In a survey released last month, Moneysupermarket found that consumers on this sort of tariff typically spend 1,048 pounds on energy each year.
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