Savvy Brits are saving £12bn a year on things like shopping, eating out and holidays, according to new research released today.
The CouponCoupon survey of over 2,000 British adults reveals the extent of Britain’s money-saving culture, with adults saving an average of £21.34 per month, or £256 per year, simply by changing their spending habits.
According to the CouponCoupon research, carried out by YouGov, 93% of British adults shop around, bargain hunt or don’t pay full price for items. Meanwhile, 80% use coupon and voucher codes and 63% compare prices when shopping online.
The biggest savers are in the 25-40 year old age band, typically saving around £304 per year, while those aged 55+ only save around £208 each on average. Across Britain, the Welsh make the biggest savings of £23.74 per month, followed by those in the South West who typically save £22.75.
The survey also revealed a responsible approach to spending among Brits. When asked how they would spend a £100,000 windfall, the majority of British adults (65%) opted for future planning measures, such as putting money away for a rainy day, paying into a pension or saving for university fees. Over half (53%) opted for debt management like paying off credit cards or the mortgage. In comparison, just 22% would spend the money on extravagant purchases like a yacht, new car or plastic surgery.
Kenny DeAngelis, founder of CouponCoupon.co.uk, said: “Searching for bargains and making the most of money-saving deals, voucher codes and coupons is becoming second nature to British consumers. There is growing pressure from the Government to tighten our belts, but it seems that Brits have already taken the bull by the horns with a responsible approach to spending. The advent of Twitter, smartphones and tablet computers like the iPad are now offering even more ways for Brits to spot a bargain and save every penny possible.”