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Brits 'saving money for important luxuries'

By Tom Farley, Tue 22 Jun 2010 - Published in Travel Insurance

People are sticking to strict budgets so they can still enjoy some luxuries, new research has suggested.

A poll from Clydesdale Bank and Yorkshire Bank found that the average Brit has made savings of around £850 by cutting back on discretionary spend.

The study showed that spending on shoes has fallen by £17.64 when compared to a year ago, while £43.20 less is set aside for makeup and toiletries.

In addition, the biggest areas of spending cuts were nights out, with savings of £163.44 being made, and day trips or weekends away, with £147.60 less being spent.

However, it also showed that some luxury items are seeing increased spending, such as holidays (£33.19) and concerts or events (£10.19). Brits are also putting £74.28 more into their savings.

Steve Reid, retail director at Clydesdale and Yorkshire banks, said: "The survey clearly shows that people are changing their spending habits by cutting back on small luxuries so that they can afford the things that really make a difference in life."

Earlier this month, Personal Finance Education Group chief executive Wendy van den Hende claimed that young people will need to become more attentive to their financial affairs in the coming years.