A fifth 'cutting back on bare essentials'

By Sarah Engle, Thu 11 Sep 2008 - Published in Banking

A fifth of Britons are cutting back on their expenditure on basic items because of belt-tightening forced by rising energy costs, it has been reported.

Research from Saga has found 21 per cent of the population has put money usually spent on other things aside to pay for higher fuel bills.

The company claimed the situation is affecting people across the generations and not just the poorest customers.

It discovered the younger generation are putting off paying back debts and 17 per cent of people are reducing the amount of money they put away in savings to pay energy costs.

But the survey found while people were prepared to put back the essentials, they were less willing to cut down on the pleasures of life, with eight per cent saying they have lowered the amount of luxuries and treats.

The Times has advised people to sign up to capped-rate energy price tariffs in an attempt to keep their costs down later.

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