Brits still forced to cut back in face of recession - Santander

 

British workers have to be careful with their spending as the effects of the recession are still being felt, according to Santander.

Data from a recently-released report by the bank has revealed that 81 per cent of Britons have made recent changes to their spending habits.

According to the study, one in five workers now take a packed lunch instead of buying out and ten per cent are foregoing trips to the coffee shop.

Helen Bierton, head of Santander current accounts said bank customers could make their money go further by switching their account.

"Santander and Alliance & Leicester are offering different accounts with a market-leading interest rate of five per cent interest which could earn them £125 in interest in the first year, plus access to a free overdraft," she explained.

Another way that homeowners could increase their spending power is through the use of an equity release scheme.

Such policies allow people who have invested in property to release some of the value of their assets.