Spending cut by £1,500 as over half of people claim to save more in 2018

Over half (58%) of people have cut back on spending in 2018, saving an average of £125 a month, according to the latest Lloyds Bank Spending Power Report.

The report revealed that those in the North West are the most frugal, with two out of three people cutting back in 2018.

According to the report, half of respondents anticipate spending less this year, with most planning to save £164 a month.

Furthermore, the report revealed that those aged between 18 and 34 took the lead in “tightening their purse strings”, with 61% of them changing their spending behaviour to save money. This is compared with 47% of over 55’s who have amended their spending habits to save money.

It was also the younger generations that were able to save more per month, putting away an average of £149 per month.

Lloyds found that savvy spenders made cuts across the board in order to increase their savings, though spontaneous purchases (64%) and grocery shopping (62%) were the most common targets of spend reductions. Similarly, 59% made reductions to the amount they splashed out on leisure activities.

In addition to this, consumers have chosen to utilise loyalty discounts and vouchers to manage their spending, with 43% having collected and used vouchers from retailers, while nearly a quarter (23%) have turned their heads to savings websites for cut price goods.

Lloyds Bank managing director Robin Bulloch said: “Although 2018 has been a year of uncertainty for consumers across the UK, the majority are taking positive steps towards keeping back cash, showing that they recognise the need to take action and engage with their finances.

“Taking the time to research your purchases to obtain the best deals possible can ultimately save you a pretty penny.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.