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People in Britain are looking at a range of money-saving techniques in a bid to avoid the need for debt management help, new figures have suggested.

Research carried out by Santander Current Accounts has revealed four-in-five Brits are actively embracing the age of austerity.

The study showed 81 per cent have made lifestyle changes in an effort to reduce their expenditure.

More than half of UK residents (55 per cent) admitted they now shop around to find the best deals on groceries, with one-in-four (27 per cent) switching supermarkets to reduce their food bill.

This means 13 million people altered their food-shopping habits to reduce their outgoings.

Moreover, 28 per cent of the survey’s respondents said they have started searching for goods via online bazaar eBay or in charity shops, rather than buying products that are brand new.

And instead of purchasing vegetables from shops or markets, one-in-eight Brits have resorted to growing their own.

So-called luxury services appear to have been eradicated by thrifty consumer also, with 12 per cent cleaning their own vehicles as opposed to taking them to the car wash.

Expensive lunchtime meals seem to have been eradicated by many, as one-in-five (21 per cent) of workers claimed to have begun taking in their own food to eat.

Helen Bierton, head of Santander Current Accounts, noted there have been warnings of the upcoming ‘age of austerity’ for some time, “but most of the British population are already taking measures to cut down on their daily expenditure”.

A recent report by RIAS suggested parents are trying to reduce their spending by enlisting their children’s grandparents to look after the youngsters during the summer holidays.

By Joe Shervin

Grandparents who provide free childcare over the school summer holidays could be helping parents avoid the need for debt management help, new figures have suggested.

A study carried out by RIAS revealed older people are set to save mothers and fathers a combined £806 million across this year’s sunny season.

The organisation’s Summer Holiday Helpers report discovered the average set of parents would have to fork out up to £558 if they have to pay for professional care.

It showed 60 per cent of the 12.5 million UK grandparents over the age of 50 regularly look after their grandchildren.

This amount is the equivalent of 7.5 million individuals who are helping mums and dads relieve the childcare financial burden.

Half of those who offer such a service observed their duties tend to increase during the mid-year break.

And with the average cost of childcare standing at around £92.99 a week in Britain, the help of grandmothers and grandfathers could be saving parents £1.9 billion in such payments every year.

Moreover, 98 per cent of grandparents offer their services for absolutely free, while 91 per cent pay for the kids’ expenses when under their supervision, such as visiting the swimming pool.

The study also found the practice may be becoming more commonplace, as 33 per cent of respondents claimed their duties have increased over the last 12 months as a result of longer working hours.

A recent investigation by Aviva discovered millions of parents in the UK have been forced to cut the amount of time they spend in the office as a result of escalating childcare fees.

By Amy White

People may be placing themselves at risk of needing debt management help because of their lackadaisical attitudes to life insurance, new figures have suggested.

Research carried out by Confused.com revealed less than half the adult population in Britain have such cover, while even fewer have ever switched their provider.

The website claimed this means the nation as a whole is under-insured and many individuals could be over-paying for unsuitable protection.

According to the survey, 60 per cent of consumers in the UK have not taken out a life insurance policy.

It found of those without the cover, 69 per cent are married or in a relationship, while 35 per cent have children.

Moreover, only 30 per cent of the population have ever switched providers in an attempt to gain a better value and more adequate deal.

The statistics showed men are more likely to make such a change – as 35 per cent have swapped policies, compared to just 29 per cent of women.

From a geographic perspective, residents living in the East Midlands were the most likely to have the cover – 53 per cent – and people in Northern Ireland had the lowest record, with only 35 per cent opting to protect their loved ones.

Matthew Lloyd, head of life insurance at the portal, commented: “It’s worrying that so few people have a life insurance policy and equally worrying that so few have switched provider.”

Figures recently released by the Association of British Insurers suggested Britons may be filing fake insurance claims to avoid debt worries, as 2,300 fraudulent attempts are recorded every week.

By James Francis

The amount of money Britons spend on bills each year could be forcing an increasing number of people to seek help, new figures have suggested.

A study carried out by Confused.com revealed individuals in the UK shell out around £18,500 on such costs every 12 months.

It discovered the average household parts with £1,541.91 each month.

This sum includes utility levies, rent or mortgage payments, food expenditure and other bills.

Over the last year, the cost of living has ballooned by £642.12, with car insurance and mobile phone charges among the outlays that are hitting the British public hardest in the pocket, the survey revealed.

It included around 3,000 consumers and found Brits are forking out £528.37 a month – £6,340.44 a year – on rent or mortgage repayments alone.

This amount represents a hike of £158.16 on 2009 calculations.

However, it is motor insurance that has seen the most significant increase, as it has swelled by £369.60 to an average of £1,460.04 per annum.

In addition, food bills have escalated by £34.28 to £3,758.52 per year, while digital television subscriptions have risen by £19.32, resulting in viewers handing over £244.08 every 12 months in order to watch the medium.

Mobile phone bills have also jumped, with an extra £113.04 now placed on the £420.24 2009 average.

A spokesman for the organisation, noted; “With many people still feeling the effects of the recession, paying the bills is yet another money worry.”

The AA British Insurance Premium Index recently revealed car insurance premiums leapt by more than 11 per cent in the second quarter of 2010.

By Joe Shervin

Individuals suffering with debt troubles are experiencing grave human cost as a direct result of the worry incurred, newly-released figures have shown.

The Consumer Credit Counselling Service (CCCS) has revealed debt problems can impact people’s health, personal relationships and ability to effectively carry out job responsibilities.

According to the survey, which involved 372 of the organisation’s clients, 83 per cent admitted financial difficulties have a negative impact on their lives.

More than a third – 37 per cent – claimed money troubles had adversely affected their relationship with a partner, while 22 per cent – just under a quarter – stated such problems had caused tension between them and their children.

The body observed such figures may explain why many consumers choose to keep their debt woe to themselves.

It found only 34 per cent share their distress with their other-half, 20 per cent explain their concerns with friends and just 16 per cent tell their parents.

Moreover, ten per cent admitted they have never made anyone aware of their dire circumstances, citing reasons such as ‘embarrassment’ and ’shame’.

Almost half of respondents – 46 per cent – claimed their money situation had negatively affected their health.

This included instances of nervous breakdowns, hair-loss and palpitations.

Furthermore, 65 per cent of employees said such stresses impeded their ability to carry out work duties.

Delroy Corinaldi, external affairs director at CCCS, commented: “We are only starting to understand the human cost of debt problems.”

A recent study by uSwitch.com revealed people who live on their own could be at greater risk of developing debt problems as they tend to shell out an extra £250,000 on living costs throughout their lifetime than those in a relationship.

By Amy White