"A new age of thrift" thanks to recession

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"A new age of thrift" thanks to recession

Mon 23rd Feb 2009

Abbey Savings has claimed that the recession has given rise to "a new age of thrift" as people cut back on their outgoings in order to save more money.

The bank conducted a study which found that Brits have made an average saving of £3,168 by cutting down on their living expenses in the past year.

Its research also indicated that only one in eight consumers has not cut down the amount they spend because of the credit crunch.

Abbey said that the research "gives the strongest indication yet that Britons are planning to save their way out of recession rather than spend".

The Nottingham conducted a poll recently which showed that many Brits had opened new savings accounts recently. It also found that many of those who had savings accounts previously are now depositing more in them on a regular basis.

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