Britons 'cutting back' to reduce monthly outgoings

Friday, March 26th 2010

Over 80 per cent of Britons claim they have made recent changes to cut back on their outgoings.

A new poll by Santander has found that while making small alterations, like finding a cheaper supermarket, has helped improve finances, many people have forgotten the importance of finding the best current account.

Since 2000, 70 per cent of individuals have not changed their main current account.

Switching to an account that offers better interest rate returns could be another move households make to improve their financial outlook.

Three-quarters of Britons admitted to the bank they have no plans to review whether they are happy or not with their current account in the next year.

Commenting on the findings, Helen Bierton, head of Santander Current Accounts, said: "One simple way that people can make their money stretch further is to switch their current account to one which gives them something back. Most accounts on the market offer little or no interest."

Previous research by the bank showed that the average saver puts aside £219 every month.