The typical Brit has managed to save an impressive £1,411 this year by reducing household expenditures to manage rising living costs. A recent survey conducted with 2,000 adults revealed that a significant 83% of respondents have tightened their budgets over the past year, primarily cutting back on holidays and social outings.
This shift in spending habits has resulted in average savings of £117.60 per month, accumulating to £1,411.20 over the course of the year. Many families have opted for more affordable supermarkets to manage grocery expenses, cancelled their television subscriptions, and reduced purchases of new clothing.
Shifts in Financial Strategies
To further bolster their income, 35% of those surveyed reported selling old clothes, while 28% have begun investing their savings. Additionally, 21% have initiated side hustles. Nearly 45% of respondents plan to save the money accumulated from these cutbacks to address ongoing rising costs, with 29% intending to allocate it for essential spending.
Despite these measures, financial anxiety looms. A notable 64% of participants attribute their spending cuts to soaring costs, while 20% express concern over potential tax increases. Furthermore, 38%Consumer Choices and Electric Vehicle Concerns
The survey, commissioned by electric vehicle manufacturer Leapmotor, comes in conjunction with the launch of its latest SUV, the B10. Priced at £29,995, the B10 is marketed as one of the most affordable mid-sized SUVs available, positioning itself as a cost-effective alternative to competitors like the Kia Sportage. Damien Dally, UK Managing Director of Leapmotor, emphasized the necessity of making affordable choices in the current financial climate. “A car is a necessary purchase for many, but we appreciate it’s not a small financial outlay,” he stated. Dally also noted that the potential introduction of a pay-per-mile electric vehicle tax could deter drivers from switching to electric options. Concerns over a possible electric vehicle fuel duty, which would require owners to pay an additional fee based on mileage, have already discouraged 28% of Brits from considering electric vehicles. Despite this, 45%
