Families revising spending habits

Post Office survey found families are re-evaluating their spending habits
12 April 2012

Families have been forced to re-evaluate their spending habits as a result of the recession, research shows.

A survey of more than 3,100 people by the Post Office revealed that a third were talking about money more than ever before.

The attitudes of the younger generation had been most affected, with nearly half of 16 to 30-year-olds claiming to be more interested in financial issues than ever, against a national average of a third.

Most people questioned said they were more likely to look around for the best deals.

More than a quarter of 16 to 30-year-olds revealed they had saved more money since the start of the recession, compared with a national average of 18%.

Only one in 10 older people, aged between 35 and 50, said they had saved more.

Post Office director Gary Hockey-Morley said: "While many UK families have felt the full impact of the recession, due to increased unemployment rates and decreased disposable incomes, our latest report has found that these difficult economic times have triggered a marked shift in family attitudes towards money.

"Although there is still some way to go before we are fully out of the recession, we are beginning to see how economic hardship has encouraged different generations of families to pull together, as conversations about money become both more open and commonplace.

"The younger generation in particular is driving such dialogue as they continue to learn from the mistakes of their parents, while adopting a more cautious approach to money matters, in turn reflecting the values of their grandparents."

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