Women save their way through recession

At a time when around £1.9 trillion of UK household wealth has been erased since July 2007, Legal & General asked more than 4,000 Brits what action they were taking to help manage their household budgets. Of the 20 measures explored as part of Legal & General's Changing Face of British Homes research, more women than men had already made, or were planning to make, cutbacks on a range of day to day expenses.

Because you're worth it? - One in five women, 20%, have chopped the cost of a trip to the hairdresser from their outgoings compared to 9% of men.

Supermarket snip - 56% of women and 41% of men are spending less on the weekly shop.

Shopping Spree - High Street expenditure, such as make-up and clothes, has been curbed by 60% of women. Meanwhile, just 47% of men are cutting down on their High Street spending.

Cost-cutting across the regions

The difference in cost-cutting activity is not just between men and women. Where and how people live also influences how they are managing the household budget.

Fewer Geordie gourmets - 47% of people in the North East will cut down on eating out, compared to 37% of Londoners.

The South of England is home to both the most and least savvy spenders when it comes to utility bills. Just 16% of people in the South region will shop around for cheaper deals, compared to 27% of those in the South West.

High streets in the Scottish borders look set to be hardest hit by the credit crunch with 61% of people cutting their spending compared to 50% of those in the South West.

Household types

People living on their own, and retired couples are least likely to be tightening the purse strings, with more than one in 10, 12%, saying they are not making any changes to their spending patterns. Compared to groups of people living together who are twice as likely to be cutting costs (just 6% are making no changes)

Groups of people of working age who live together are most likely to be spending more time in each others' company, 49% of them will be staying at home more in the evenings, compared to just 38% of empty nesters who may be looking to make the most of their freedom.

Multi-generation families all living under one roof are least likely to be able to afford a holiday this year, 37% won't be going abroad compared to 23% of same-sex couples.

Garry Skelton, Marketing Director at Legal & General's general insurance business said: "The current economic climate is having an effect on most of us. While Brits are shopping around and cutting back, it's important to ensure that any compromise does not mean losing something that is valuable: for example cutting back on household insurance could be a real false economy. Not having any or adequate household insurance could mean having to pick up the financial expense of restoring their home if some damage should happen, whether that may be burglary, flood or fire. Having household insurance cover in place to cover this possible expense far outweighs the cost saving of £27-£30 per month of not paying."