Stat of the day: 20m

The number of consumers making significant spending cutbacks.

by Elizabeth Anderson
Last Updated: 09 Oct 2013

Just how tight Britons are squeezing their belts is becoming clear – apparently 20m people made significant spending cutbacks in the first few months of the year.

A report by Axa suggests that about 40% of people in the UK cut back on holidays, car journeys and food in the first three months of 2011; and about a quarter are dipping into their savings to get by. A fifth regret the decisions they made before the recession, which might explain why people are concentrating on paying off debts: 17% have increased their monthly repayments since the start of the year.

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