With VAT Rise Imminent UK Consumers Have Growing Concerns

Released on: November 09, 2010, 5:09 am
Author: Simon Terry
Industry: Retail

A new survey has found people are worried about money, not having babies and stopping going on holiday due to financial concerns

• In just 12 months, people in the UK have more concerns now than they during the recession
• Until their finances become stronger, people are not going on holiday, getting married or having kids
• People are worse off per month: 66% are £250, 15% are £500 and 10% are £500+
• Christmas costs worries 57% people, energy bills worries 48%, and paying rent or mortgage worries 40%
• Job security is a concern for 45%, for either partner

9 November 2010 – Compared to 2009, 88% have more money worries in the UK. British consumers have less money in their pockets than they did; with one in ten having more than £500 less, 15% have up to £500 less, and 68% have £250 less each month.

It was found by the new DiscountVouchers.co.uk survey which asked 1,000 people what they thought of certain commitments and payments over the year. It was found that 57% of people will struggle to find the cash for Christmas this year; 48% will find paying their energy bill difficult; 46% are worried about buying food; 40% have concerns over paying their mortgage or rent each month; and 27% of parents will struggle to pay for activities or school for their children.

Finances are having major effects on life-changing opportunities, such as 20% of people are staying in their jobs instead of moving on; 27% of people aren't purchasing a new house; 14% are putting off having a child; and 13% have adjourned getting married, until their money worries are over.

Keeping their jobs is another concern, with 45% of people agreeing that it worries them if they lose their job (or their partner loses theirs). 10% of people, in order to increase their cash flow have taken short term loans or payday loans.

“We are having our bank balances sliced as of late, even though the recession was mainly last year. It seems we are all struggling this year to make ends meet”, said Simon Terry from DiscountVouchers.co.uk. He continued, “83% of the UK are worse off each month by up to £500. Add that to raised energy and fuel costs, a VAT rise in January and it seems that money is going to be even tighter”.

“The way to combat this is to make your money go further, by comparing the prices of things before you buy it, managing your finances better, use money off vouchers and even haggling where it's possible”.

The areas where people are cutting down on are grocery shopping (67%), going on holiday (69%), buying clothes (70%), socialising at pubs or restaurants (82%).

In other aspects, people are reducing their house insurance and car insurance (16%), using their mobile phones (36%). children's lessons or activities (13%), in order to save cash.

Nowadays, 72% of people chose lower cost shopping alternatives, they compare prices (82%), 86% use money saving vouchers, and 27% of people give haggling a try. Less than 1% (0.5%) chose not to try and save.

3% of people have a lodger renting a room out in their house; 56% of people are selling things at eBay or at a car boot sale; 20% have another job; 7% make things like clothes or food to sell; medical trials are taken up by 2% of people, in order to add to their income.

More details at www.discountvouchers.co.uk
/ends.

About DiscountVouchers.co.uk
DiscountVouchers.co.uk features the latest money saving offers from a growing range of retailers, all updated in real time. Designed to help consumers save money with both leading high street brands and specialist retailers, DiscountVouchers.co.uk offers one of the widest choices of discounts available.

Part of ASAP Ventures Ltd, the company behind the award winning Carrentals.co.uk price comparison site, DiscountVouchers.co.uk is committed to offering a growing range of the best savings available online.

For more information visit www.discountvouchers.co.uk

Media contact –
Rachel Builder, Debbie Williams & Jenny White
Context
rachel.builder@contextpr.co.uk
Debbie.Williams@contextpr.co.uk
jenny.white@contextpr.co.uk
T: 01625 511966

Contact Details: Simon Terry
press@discountvouchers.co.uk
DiscountVouchers.co.uk
www.discountvouchers.co.uk
0845 871 2069

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