Most households to cut spend
Most households will reduce the amount they spend this year as mortgage payments rise and the credit crunch worsens.
The poll by Axa Insurance revealed that 70% intended to reduce their outgoings, with 37% saying they would eat out less, 19% cutting back on socialising and 8% planning to skimp on their insurance cover.
One in six intended to reduce the amount of money they paid into their pension while 11% said a member of their household had taken on extra work in a bid to make ends meet.
"It's no wonder that households with above-average incomes are struggling to cope," said Steve Folkard, a spokesman for Axa.
"A typical family in Middle Britain may have a higher than average income, but millions are weighed down by high lifestyle costs and face tough choices as the strain on their finances takes its toll."
Post Date: April 4th, 2008