Brits get frugal over debt problems
11/01/2011The average Brit is looking to avoid debt problems this year by making cuts to their lifestyles, in what is to be known as the year of frugality.
New research from Allianz shows 70 per cent of Brits are looking to make cuts to their outgoings, while as many as with one in ten consumers have major financial cutbacks planned for 2011.
Three quarters say debt reasons will be kept to a minimum with the cutting of entertainment spending, just over half say they'll switch energy providers, while three in ten plan to rein in their internet, phone and telephone spending.
Head of Home and Motor Portfolio Management, Allianz UK, Gareth McChesney, says: "People will naturally prioritise what is important to them but there is a danger that by cutting in the wrong places Brits could be left even more at risk." 
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