This lifestyle change has resulted in more people taking advantage of money saving offers.
Over half of Brits (55%) have started shopping around to get the best grocery deals, and one in four (27%), or 13 million people, have switched to cheaper supermarkets. Some 28% of people have started shopping on eBay or in charity shops instead of buying brand new products, and nearly one in eight Brits (12%) say they have even resorted to growing their own vegetables in a bid to save cash, according to the Santander findings.
Many thrifty Britons have also recently cut ‘luxury' services out of their lives, with 12% of people washing their car themselves instead of taking it to the car wash, and 9% stopping using taxis. One in five (21%) people have started taking a packed lunch to work in order to save their pennies, and one in ten (10%) have stopped going to coffee shops to get their daily caffeine fix.
Canny homeowners are also making efforts to cut their household bills, with half of Britons having recently started to ensure they switch lights and electrical appliances off when they are not in use, and 13% having stopped using the tumble dryer in order to save electricity. One in twenty people (5%) have cut back on household help, such as cleaners and babysitters, and 3% have cut down the amount of pocket money they give their children.
Helen Bierton, head of Santander Current Accounts, commented: "The coalition Government has warned of the impending ‘age of austerity' for a while now, but most of the British population are already taking measures to cut down on their daily expenditure.
"Many frugal Brits are cutting out luxuries, such as buying their daily coffee from the coffee shop or using the car wash, but the best way of getting more for your money is by shopping around and moving to providers of goods and services that offer better value.”
