Pensioners have suffered the most from the credit crunch with 84% of over 55s forced to cut their outgoings, according to a survey from Skipton Building Society.
At the other end of the age scale however, only 55.7% of the 16-24s were shown to be adopting a more cautious attitude to their spending.
The study, which focused on British adults over the age of 16 and forms part of the Credit Crunch Britain series, revealed a correlation between increasing age and a greater likelihood of cutting back in the intermediate age groups.
It found 57.8% of 25-34s were affected by worsening economic conditions, while 72.6% of 35-44 year olds and 76% of 45-54 year olds were also shown to be reducing their outgoings since the start of the credit crunch.
The worst affected regions were London (62.3%) and the North East (62.8), due perhaps to rising house prices in the Capital and the local awareness of the Northern Rock crisis in the North East. Scotland (54%) and South West England (54.8%) have been the least reluctant to tighten their belts.
Steve Haggerty, MD of Skipton Building Society, was optimistic about the UK’s financial future: "It is clear that the credit crunch is having a marked impact on UK consumers' spending. But the fact, that almost a third of adults have not cut back on their spending at all, suggests that either they are financially strong or that they see the current economic climate as short-term.
"It is our view that, the credit crunch will ease in the short-term; making mortgages cheaper and more available. However, the wider, global issues, such as oil prices, will continue to create pressures on the pockets of UK consumers for some time to come."
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