Recession hits North West hardest

New research has revealed that those in the North West have been hardest hit by the recession in the UK.

Yorkshire Bank's quarterly housebuyers survey has found that 70% of those in this region have changed their lifestyles significantly due to the economic downturn.

The study revealed that 66% of those in the region are actively reining in their spending and are more conscious of their outgoings.

Almost a third (32%) of those questioned in this region also claim to now be saving for bigger purchases instead of using credit and more than a quarter (26%) said they are trying to add to their savings on a monthly basis.

Overall, the results of the survey showed that almost two thirds (64%) of Brits surveyed have had to change their lifestyle due to the current economic crisis.

More than half of those surveyed (57%) said they are thriftier when it comes to seeking discounts and bargains, 32% stay in more often while almost one in four (24%) of Brits said they are planning to forgo a foreign holiday this year.

Gary Lumby, Yorkshire Bank's Head of Retail Banking, said: "The current economic situation has inevitably changed people's attitudes towards spending and saving. However, the survey has revealed that people are now adopting a more prudent approach to money and this is a positive change."

Yorkshire Bank has a range of products to help customers to make the most of their savings. Further information is available at ybonline.co.uk