- Thursday, 10 June 2010Consumers are cutting back on eating out and car washes in order to save money and perhaps stay on top of a
debt management plan.
According to AA Financial Services, 29 per cent of consumers are attempting to use their cars less and cut back on car washes as a way to combat the increase in the cost of living.
Fuel prices have recently soared and inflation has increased to five per cent. As a result consumers are becoming more cautious about their money.
Mark Huggins, director of AA Financial Services, said: " It's not just cutting back on motoring spend, which accounts for perhaps the biggest chunk of most families' domestic budget - this caution is extending into all areas of life."
Families are trying to save money by dining out less (28 per cent), cutting back on the times they visit the cinema or theatre (24 per cent) and spending less on the weekly shop (16 per cent).
However this wariness has also caused people to save money as something to fall back on.
It was revealed by Santander recently that the younger generation, aged 18-34, are saving more and would like to increase the amount they set aside for emergencies.
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