Financial fitness formula is finally cracked

New figures from Quidco, UK cashback site, have cracked the financial fitness of the country as they identify a 30-minute money workout will shed 936 pounds worth of unnecessary spend.

Despite the average Brit pocketing an extra £18 a week by following simple money saving steps, 12% believe that being frugal with finances is ‘uncool.' Thankfully, 89% of us feel comfortable when using vouchers and money off coupons in public - this figure has more than doubled from 38% who found the exercise embarrassing, prior to the economic slump.

Collecting reward points is the moneysaving method of choice with 72% of people doing so regularly. Other popular methods include taking packed lunches into work (31%), shopping in charity shops (25%) and growing vegetables (22%).

The research also went on to diagnose the recessionary effects on people. Prior to the financial collapse, only 14% of people would consider using a voucher. Lunches were only packed by three per cent of workers and living the simple life and growing vegetables had reached only five per cent of the population.

Conversations about cash are now seen as a taboo amongst the majority of us. Seventy one per cent believe that flashing the cash is inconsiderate to those around them. More than one in ten (11%) would refrain from doing so, out of fear that such a conversation could trigger awkward questions surrounding bonuses.

Tech savvy savers have also switched on to money saving apps available to them. However, there is definitely room for improvement as only 16% of us use them regularly. For those that need persuading, Quidco has recently re-launched its mobile app that pays shoppers a monetary amount for entering stores on the high street. If used on a monthly basis in the 70 participating high street stores, consumers will be able to make around £110 a month.

Andy Oldham, Managing Director at Quidco said: "It has never been easier to make financially smart decisions thanks to the explosion of money saving tips and tools available to everyone. From cashback sites, shopping around and the use of vouchers, there is no reason why everyone can't save a little. Simply by using us, the average person will pocket around £280 a year. Add this to the savings being made from strategies such as car booting and clothe swapping, you could save for the annual summer break without having to make significant changes."

For more information go to quidco.com.