You are here: Home - Household Bills - News -

Everyday post-pandemic perks scaled back to curb outgoings

0
Written by:
25/04/2022
One in six people have given up certain perks or cancelled subscriptions and policies since the start of the year to counter the rising cost of living.

More than eight million UK adults have had to scale back their spending to meet rising bills since the start of 2022.

And for more than half of Brits (57%), while they haven’t yet been forced to give up anything, they said they will need to do so soon to manage the cost-of-living crisis.

The research from protection and pension firm MetLife UK revealed that for two in five (40%), they would give up everyday perks such as eating lunch out and buying coffees to prioritise paying for necessities.

Just over a third would give up luxury items such as household goods, home furnishings and clothing (37%) while 34% said they would scrap holidays and day trips.

For 32%, socialising would face the chop, while 28% said they would cut entertainment subscriptions, while a quarter said hair and beauty treatments would go.

MetLife also found that Brits would end gym memberships, food subscription services and season tickets for sporting events if necessary.

However, the representative poll of 3,000 showed Brits are reluctant to give up their car (8%), phone (7%), as well as life and health insurance/income protection and private school fees.

Brits weigh up outgoings

Rich Horner, head of individual protection at MetLife UK, said: “It’s a particularly difficult time for consumers, with many seeing their personal finances severely under pressure. Highest inflation in 30 years, rising energy prices, fuel bills and food costs are all stopping our money from going further each month. Finding the funds to pay for daily essentials has already pushed Brits to weigh up their outgoings and think about where they can cut back. While some have already cutback wherever they can, even more of us are braced to do so in the months ahead.

“Daily perks such as coffees, self-care such as hair appointments and socialising were found to be some of the first things to go when trying to save money. While they shouldn’t be prioritised at a difficult time financially, small treats can have a positive impact on our wellbeing and give us all something to look forward to amidst what can feel like a very gloomy time.

“It’s positive to see that consumers remain committed to holding life insurance and income protection policies as this can reap much greater rewards with minimal upfront costs. Whilst not a tangible product, income protection gives you the peace of mind that should the worst happen your income is protected.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

Low-income pensioner? You could gain £3k top-up

Hundreds of thousands of retirees struggling with a low income are missing out on Pension Credit worth £3,300...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week