At a time of market uncertainty, when UK homes have been hit by a string of major cost of living hikes, the new research suggests the majority of British families are responding with Churchillian resolve. Across age groups and across the regions, Legal & General's research points to widespread, positive action being taking across the UK to tackle the market downturn head on.
The poll of more than 4,200 people - as part of Legal & General's Changing Face of British Homes research - asked Brits what steps they were taking to keep living costs down in response to the various recent rises in the cost of living.
The top 10 ways to beat the downturn across the UK:
1. Buying cheaper food 65%
2. Savvy initiatives to keep fuel bills down 65%
3. Cutting down on takeaways / eating out 50%
4. Switching to cheaper utility/energy providers 39%
5. Shopping around for cheaper home insurance 32%
6. Walking or cycling more 29%
7. Putting off home improvement projects 27%
8. Having a car boot/ ebay sale 22%
9. Making energy saving/ home improvements 22%
10. Growing my own fruit and veg 20%
How are different age groups reacting? What are their savvy strategies?
Whilst most adults agree on the importance of taking positive action to tackle the cost of living hikes, the Legal & General research revealed that there were marked generational differences in how people sought to balance the budget.
Among older people, there was a strategy of frugality, perhaps reminiscent of the days of post-war rationing. The more affluent middle aged Britons were more likely to switch service providers than fundamentally change their way of life. The under 25's were more prone and, arguably, more able to go without things - living life without a car, without new clothes or electrical and cutting our rent or mortgage payments by moving back to mum and dad's.
Regional Highlights:
In every region around the UK at least 89% of people are applying measures to cut the cost of running the home, although particular strategies were more popular in certain areas.
1. People in the West Country were most likely to embrace car boot sales, 30%.
2. In the North West, people were most likely to take domestic environmental initiatives to beat the turndown like turning off the lights and showering instead of bathing, 70%.
3. Households in East Anglia are those most likely to cut down to one family car, 10%, whereas those in Scotland and in London said they were most likely to walk or cycle more, 31% for each.
4. The canny Scots were also more likely to shop around for cheaper energy suppliers, 44%.
5. When it comes to food and drink, people in the North East are most likely to spend less on their weekly food shop, or buy cheaper food, 73%.
6. East Anglians are the people most likely to be turning their gardens into allotments, growing their own fruit and veg, 33%.
7. People in Scotland, 37%, the North West, 34% and the Midlands 34%, were most likely to shop around for cheaper insurance.
8. With rents rising, people in London were most likely to move back in with mum and dad, 5%.
Personal measures
In addition to the mainstream measures being undertaken, a number of survey respondents volunteered to put forward their own tips on beating the crunch and some of these anecdotes volunteered included:
1. Going to charity shops more / buying second hand goods
2. Mending and patching clothes
3. Stopping charitable donations
4. Keeping chickens
5. Using cloth nappies
6. Using night timers on white goods to enjoy cheaper electricity
7. Cutting subscriptions to clubs
8. Cancelling sky and using Freeview
9. Changing mobile phone deal
10. Emigrating!
Ruth Wilkins, Director at Legal & General commented: "The last few months have been a difficult time for most homeowners. In addition to seeing house prices fall, most homeowners have also had to contend with a wide range of cost of living hikes that put real pressure on balancing their household budget. With Christmas and its associated costs only a few months away we are delighted to note from our research that, across the board, Brits are meeting these challenges head on through a wide range of savvy, cost-cutting initiatives. Thousands of people are looking to save money on insurance and to help out here we have launched an online calculator to help people balance cost savings with the level of cover they need.
"Over the last 18-months our Changing Face of British Homes research has tracked changes to the way people in Britain live and use their homes. Whilst the various cost-cutting initiatives being employed to beat the credit crunch will help people balance the books, it is also likely that, as a consequence, these measures will further change the face of the modern home."
