Brits shelter from credit crunch by staying at home

Brits are battoning down their hatches and taking shelter as the deteriorating economic climate hits home.

New research shows 82% of British adults are making significant changes to their home life as a result of current financial uncertainty, with many, 39%, spending more time at home as they attempt to save money.

At a time of increasing living costs and growing financial uncertainty, research by Legal & General reveals that one in four, 26% have changed their holiday plans and nearly one in ten are cutting back on entertaining at home, 9%.

The research, conducted by Legal & General's general insurance business as part of its Changing Face of British Homes report, asked over 4,400 British adults what changes they are making to their home and home life in order to save money, given the current economic climate and outlook.

Single parent households affected the most

Over 90%, of single parent families are experiencing changes to their home life as a result of the current financial pressures, compared to 82% of households on average.

Significantly more single parent families are changing their plans to go on holiday, 35%, compared to the average household, 26%. Over one in four, 28%, are planning to sell household items in order to make ends meet, compared to 19% nationally and 50% of single parent households are cutting their food spend, compared to 42% nationally.

Brits to take care of home improvements themselves: The research shows that 29% of British adults now intend to do their own DIY home improvements in order to save some money.

You Do it, YDI is still popular: Previous research indicated that Brits spend an estimated £7bn employing others to do their household chores. The latest findings show that just 4% would no longer employ a cleaner, or gardener, in order to save money which could indicate that we are still not prepared to lose the help in and around the home.

Cutting back on home luxuries: Many households said that they are cutting back on luxuries such as Sky television and buying fresh flowers for the home in a move to save money, 38%. People of working age living on their own are the most likely to be going without luxuries, 46%.

Scotland, North East, Welsh and West Country homes making the most change: Homes in North Scotland and the Borders are experiencing the biggest impact with 89% of households making changes in order to save money. These areas are then followed by the North East and Wales and the West Country, with 88% of households making changes because of the credit crunch.

Ruth Wilkins, Head of communications at Legal & General's general insurance business said: "The research highlights just how much our homes and home life can change as a result of wider influences on our lives. The current economic situation is no exception and the repercussions are already affecting people's home lives, as shown by the latest research results. It is particularly interesting that Brits' homes are becoming increasingly important to them as a shelter from the financial uncertainty. With Brits spending more time at home it may help to focus their attention on protecting their home life by ensuring they have adequate household insurance cover in place."