Car insurance news
27/01/2009

Consumers cutting back as recession hits UK pockets

Insurance for cars may be among the areas consumers are cutting back on as the recession hits the finances of millions in the UK.

The latest research prepared by Mintel reveals that more than five million Brits - about one in ten of the population - are being affected in the pocket by significant financial difficulties.

Over half of UK inhabitants are finding the situation becoming more difficult as the economy continues to slow - but up to now they have been able to manage fairly well.

Many people are now dining out less (51%) and they have cut back on socialising (45%). Also, savings have been hit as 32% of people have reduced the amount they put away for a rainy day and 12% have reduced their debt repayments.

Mintel's financial research chief, Toby Clark, said that the British people will be hit by a lack of confidence in financial prospects as unemployment continues to mount.

But he added, "Some will be feeling better off, with more money to spend as inflation falls and interest rates reach a new low."

In the current downturn, insurance for cars is an area motorists can make savings by shopping around for cheaper car insurance quotes.

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