Nearly nine in 10 (86%) people plan to reduce their spending over the year ahead, potentially wiping out nearly £25 billion-worth of discretionary outgoings in the “cut-back economy”, researchers estimate.
Their report indicates that more than a third (36%) of UK households are “financially distressed” and plan to cut back across most, if not all, of their non-essential spending, as low incomes and high debt levels leave little room for manoeuvre.
