- Monday, 21 June 2010Families are cutting back on their spending so they can go on holiday without needing
debt management.
According to Clydesdale and Yorkshire Banks, consumers are cutting down on luxuries and saving up so they can go away on holiday this year.
The research shows that spending in the UK has decreased by eight per cent in the past year but families now have more than £900 to spend on a vacation compared to just £872 in 2008.
Steve Reid, retail director at Clydesdale bank, said: "The survey clearly shows that people are changing their spending habits by cutting back on small luxuries so that they can afford the things that really make a difference in life."
Spending time with family and friends helps consumers enjoy their savings in a positive way, he added.
According to the report, the average Brit now puts away more than £1,000 annually, an increase of £74 on last year.
AA Financial Services also found that consumers were being more cautious in terms of spending and were cutting back on using their cars and going out less.
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