Two thirds of adults plan to spend less time with friends to save money

In a bid to save some much needed cash, 66 per cent of Brits are planning to spend less time with their friends and family this year, new research shows. 

Despite an improving economy, research from Citizens Advice shows the majority of Brits believe they will have to cut down on their spending this year, with 53 per cent cutting costs in order to cope with the rising cost of living, reports thisismoney.co.uk. Moreover, three in five people are already starting to worry about how higher bill costs will impact their finances. 

According to the research, 59 per cent of Brits will try to spend less on food and 37 per cent will attempt to cut down their energy bills. In addition, Citizens Advice claims 200,000 people searched for advice regarding energy bills online last year, reports metro.co.uk

Some people are already struggling this year, as 20 per cent of the respondents said they are falling behind with their bills and a further 32 per cent claim they are keeping up with the costs for now, but do struggle every so often.

Winter fuel bills are a big concern for some, as 15 per cent have had to dip into their overdrafts to pay their bills and 11 per cent have borrowed money from a friend to cover them.

Citizens Advice chief executive, Gillian Guy, said it is important to ensure that people are not taking drastic action to save money.

“The soaring cost of living will force millions of people to cut back on basic necessities like travel, energy, housing and food,” he commented.