Brits cut down on restaurant trips and takeaways to save cash

Brits are cutting back on treats like meals out and takeaways and lowering their shopping standards as they try to cut back their spending. However, whilst 59 per cent of people are doing more cooking at home to save cash, a whopping 27 per cent have not switched ANY financial product in the last 12 months, potentially missing out on substantial savings which could off-set the cost of a monthly meal out.

According to new research from comparison site Gocompare.com 38 per cent of people have taken to making their own packed lunches and 32 per cent have switched to buying groceries at discount stores rather than their usual supermarket.

Gocompare.com calculated that customers could save on average nearly £800.00 by comparing and switching their car and home insurers and energy provider. That's £66.00 a month extra to spend on whatever you want simply by shopping around for the best insurance and energy deals.

And it's not just food and drink that consumers are cutting back on. 44 per cent of people are buying fewer new clothes and shoes and 17 per cent are buying from discount stores and supermarkets rather than their usual fashion shops. Also, 24 per cent have bought household items from websites such as Ebay rather than traditional suppliers.

The end of the year could be disappointing for retailers too with 31 per cent of consumers saying they're cutting back on what they spend on Christmas and birthdays.

Here's how Brits are trying to make their cash go further:

59% have cut back on eating out and takeaways
38% are now making packed lunches for work
32% are using discount stores for groceries rather than their usual supermarket
44% are buying fewer new clothes and shoes
17% are buying clothes and shoes from supermarkets and discount stores
24% are buying household goods from sites like Ebay
31% are spending less on birthdays and Christmas
9% have cancelled newspaper and magazine subscriptions
6% have given up the way to work coffee

Despite nearly 25 per cent of respondents saying they really needed to make cutbacks to make ends meet, 12.81 million consumers (27%) haven't switched provider for any of the twenty most common financial products in the last 12 months. In fact over 3 million consumers (6.3%) admit to never even checking or comparing their financial arrangements once they've set them up.

When it comes to ditching uncompetitive companies, an awful lot of people have never switched provider for even the most popular financial products.

36.5% have never switched their bank account
21.9% have never switched their mobile phone supplier
17.8% have never switched their mortgage lender
17.4% have never switched their credit card provider
15.8% have never switched their home insurance provider
15.5% have never switched savings accounts
14.97% have never switched their broadband provider
14.4% have never switched their land line phone provider
14.0% have never switched their ISAs
11.5% have never switched their car insurer
11.27% have never switched their energy provider

John Miles, business development director at Gocompare.com, said: "Clearly Brits are looking to make cut backs to help their cash go further, but many people could still save a lot of money by shopping around for the most competitive deals for their financial products and utilities. Ten minutes spent comparing your car insurance, home insurance and energy deal could save you nearly £800, more than enough to pay for several trips to your favourite restaurants. If you're not comparing your financial products you may be cutting back on the things you like just to pay for the things you don't."