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13/06/2011 11:42:12

Up to 20m pessimistic consumers 'make savings not spendings'

It has been revealed that as many as 20 million people are making reductions in a bid to rake together some savings rather than spend their earnings putting the money back into the economy.

According to Axa, 40 per cent of consumers have made what has been described as significant cutbacks in day-to-day living for more than a year now.

Axa UK chief investment officer Eric Lhomond said: "These figures reveal a concerted effort by British consumers to claw back some financial security in the face of a significant drop in optimism."

In addition, the research, carried out by YouGov, also revealed that confidence has dipped from 23 per cent to 16 per cent between the first quarter of 2010 and the same period this year.

Worryingly, one-fifth of Britons have admitted they regret the financial decisions they made before the credit crunch hit.

And those harbouring bad feelings about how they spent before the recession can try to regain some fiscal stability by following advice from David Rodger of the Debt Advice Foundation, to make savings and pay off debts.

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