Britons could make substantial savings by making relatively small sacrifices in their spending, new research has revealed.
In total, UK residents could bolster their savings accounts by £44 billion each year by cutting out luxuries or making minor lifestyle adjustments, according to a new study from Yorkshire Building Society.
This could "wipe out the UK's £27 billion savings gap", the society claims, with small changes having a major impact.
Suggested changes which could impact upon savings include making sandwiches, rather than eating out at lunch, turning down the thermostat, driving more slowly on the motorway and downgrading holidays.
Tanya Jackson, media relations manager at Yorkshire Building Society, commented: "It is interesting to see that by simply making a few small changes to how we run our lives, we can save a substantial amount of money – over £44 billion a year in total."
Ms Jackson added that additional interest rate rises in the UK, coupled with the rising cost of finding a mortgage, should lead consumers into the savings habit.
Recent research from Abbey found that 17.3 million UK residents are unable to find a mortgage due to affordability constraints.
Savings tips for Brits
Savings tips for Brits
Mon, 06 Nov 2006
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