In the current belt-tightening climate, just under three-quarters of UK adults are getting ever the more thrifty to get by during the credit crunch, understanding that pennies make pounds when it comes to saving, little by little.

uSwitch.com has found that many consumers are doing all they can to save the pennies – from cutting their own hair to making the most of discount vouchers that many restaurants are now offering. What’s more, for 24.9 million UK consumers, every penny does indeed count, with many stashing their small change, amounting to a total of £1bn, in adult piggy banks, instead of letting it disappear down the back of the sofa.

The research reveals that Brits are becoming a nation of penny pinchers to see them through the current recessionary climate. Over a third of UK adults admit that that they are much more likely to stoop for small change they happen across in the street than they were a year ago. Just under half would happily pocket a single penny if they came across one when out and about.

Louise Bond, personal finance manager at uSwitch.com, says: “The economic slump has created an epidemic of ‘bag a bargain’ consumers, all taking measures to recession-proof their pockets. No one knows how long the recession will last and battening down the financial hatches in the short term will ensure that consumers are best positioned to weather the recession in the long run.”

There is nothing wrong with having a saving mentality. The more you tend to save, the easier it becomes. It may only be pennies at first, but pennies lead to billions, as uSwitch’s evidence suggests.

SOURCE: uSwitch.com, 29/04/09

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