Recession reveals nation of savvy savers
People across the country have been making cut backs over the last 12 months, and new research from specialist health insurer, National Friendly, reveals how thrifty Brits have been saving their pennies during the recession.
Swapping organic for ordinary and cashmere for cotton is top of the list, with over three quarters of Brits (77%) confirming they have changed their shopping habits. It seems home-cooked meals are also back in favour as 69% of people surveyed have reduced the amount of takeaways and meals out that they consume.
The current economic climate has served to bring out the savvy saving side of the population with many people taking advice from industry experts such as MoneySavingExpert.com’s Martin Lewis and actively comparing the cost of utilities and financial services to find the best deal. Over a quarter (28%) of Brits admitted they have changed their insurance / utility / mortgage provider in the last 12 months to get a better deal, when previously they would just renew their policy with their existing supplier.
It would also appear that the recession has helped encourage a healthier lifestyle as 27% of those questioned stated they now walk or cycle to work to save money on petrol.
Commenting on the research, National Friendly Chief Executive Richard Sear said: “We have seen an increase in sales this year as people have switched to our product to save money so it is interesting to see the other ways that people are economising.
“The recession has made people more aware of the benefits of shopping around and not just taking the first option they see. I think this is something that will continue, even after the recession is over. Companies will need to do even more to remain competitive, as we will be left with a nation of people who are no longer happy to just accept what they have always known.”
The research was undertaken by National Friendly to see how the recession has affected people and the ways in which they have looked to save money. National Friendly prides itself on offering innovative products with broad benefits for its customers and this research will enable the company to continue to develop its product offering to provide solutions that truly meet the needs of today’s customers.
The National Friendly Individual Healthcare Deposit Account is a unique product, which sees half of a policyholder’s monthly premium go towards running the scheme; the other half goes into their personal deposit account. This means that the policyholder is covered if they need to claim but benefits from having access to a percentage of their original premium if they don’t claim. The product also offers fixed premiums, which are set by the individual and are only increased if the policyholder wants to increase their level of benefits.
For further information on National Friendly, log onto: nationalfriendly.co.uk