Bargain-hunter Brits net £14bn savings a year
Cash-strapped people in Britain have saved as much as £14 billion in the past year - an average of £346 each - by hunting around for the best bargains on life's essentials, including groceries, insurance, clothing, mobile phone contracts and holidays, among others, available in shops and online, according to research from Santander.
The study also revealed that people in Birmingham appear to be the UK's most savvy, saving an average of £528 per year mainly on grocery shopping and clothes, and could share their skills with people in Leicester, who save the least out of the UK's biggest cities and towns, pocketing £240 a year - less than half the amount saved by people from Birmingham.
Women appear to have more success with bargain-hunting than men, especially when it comes to groceries where 40% of women compared to 33% of men say they usually get the best deal and clothing, where it's 31% compared to 22%. Some gender stereotypes are confirmed by the research which found that men get a better deal than women for insurance (32% compared to 28%) and choosing an internet/broadband contract (27% compared to 25%).
The internet is the greatest source of information, with 25% of people saying they use price comparison, money-saving advice or voucher websites to sniff out a deal, compared to 21% who say they know from experience where to go and 11% who visit different shops before making a purchase.
The research also discovered that Brits can make even more savings, particularly on items such as household bills and personal banking, as 42% admit they find it hard to keep up with the latest deals and don't have the time to shop around.
Santander is encouraging British people to share their money-saving tips via a new Facebook page. This page will include hints and tips to save people time and money along with hosting a variety of fantastic competitions and giveaways. To launch the page, Santander is offering the chance to win a trip of a lifetime to Abu Dhabi along with a daily prize of £123 for three weeks.
Keith Moor, Director of Brand and Communications at Santander, says, "Our research has shown the flip side to the doom and gloom associated with a recession as many people are actually reaping some pretty significant financial benefits by shopping around for the best deal.
"And this includes personal finance too - our 123 Current Accounts and Credit Cards give customers cashback on their household bills and everyday spending respectively. However, people also say they sometimes struggle to find a top bargain, either through lack of time or being confused by retailers.
"Our new Facebook page is designed to combat this. With useful, interesting and engaging posts in this area, we aim to create value for our Facebook visitors everyday.
"We hope our content will encourage a community spirit so that the page becomes a forum for British people to share their tips on saving time, money or hassle. This should help keep our national obsession with getting the best deal well and truly alive."
Britain's top bargain-hunter cities
City/town - Amount saved per year
Birmingham £528
Bristol £499
Newcastle £466
Leeds £420
Cardiff £390
London £357
Manchester £349
National average £346
Nottingham £330
Sheffield £329
Liverpool £308
Southampton £282
Edinburgh £279
Glasgow £270
Belfast £252
Leicester £240