Brits save £51bn a year on discount codes, offers and freebies

Britain's "freeconomy" is thriving, with bargain-hunting Britons saving £51 billion a year as they look to economise according to Halifax Home Insurance.

The findings, which come as Halifax launches its own home insurance special freebie offer, identify that the average adult saves £1,196 over a 12-month period as nine out of 10 (90 per cent) turn to money-off vouchers, special deals and freebies.

Having had to tighten their purse strings - 42 per cent look for bargains more than they used to because money is tighter - it seems the bargain hunting mentality is causing friction in many households. One in 10 (nine per cent) say they now get annoyed when their partner pays full price with seven per cent saying they think their other half pays too much for things.

In our quest for a good price, contrary to the national stereotype - more than one in 10 (12 per cent) admit to haggling to make sure the price is right. And determined to get a deal, a fifth say they rarely buy anything at full price (20 per cent) and 15 per cent that they refuse to pay over the odds.

The scale of bargain hunting in Britain has certainly changed perceptions. Only one per cent say they are too embarrassed to use discounts, and even fewer (0.5 per cent) that they would look down on those who look for bargains. On the contrary, it seems that getting a good deal is now a social activity, with 44 per cent of us sharing discounts with our friends and seven per cent even competing who can save most.

Deals on meals out are the top target for a discount, as more than half (53 per cent) save on restaurants, take aways and fast food. A further two fifths (38 per cent) look to save on holidays and a quarter on flights.

As a result, more than one in four (27 per cent) admits that they can now do things that they otherwise never would, thanks to money-off codes.

And the benefits go further. More than one in four (27 per cent) say they use money-off vouchers to help buy better presents for family and friends. And while it may have been taboo in the past it seems using a deal on a date is no longer a faux pas - nine per cent would take advantage of a discount.

The convenience of voucher websites appears to be fuelling the "freeconomy", as 36 million (75 per cent of Britons) head online to get money off. 

However while the savings are a welcome addition to their annual salary, many are ‘bartering on the job' with one in five (19 per cent) of people confessing to hunting money-off deals while at work.

Lindsay Forster, Director for Halifax Home Insurance comments: "The recent downturn has made us more careful about what we spend and more savvy in searching for savings and getting a good deal matters. People now quite rightly expect a good deal and feel comfortable shopping and even bartering to make sure they get the best price whether for a meal, a flight or even insurance. "

In support of the nation's love for a freebie, Halifax Home Insurance is giving away a free day of home insurance every week, for life, to customers who take out a new combined buildings and contents insurance policy, renew and remain claim free. This is equivalent to a 14.3% annual discount. In addition - and as an extra special thank you - it's also giving customers a £50 cheque in the first year - for combined policies taken out by 11th September 2011.