A survey of 2,017 nationally representative Brits was conducted by credit broker, CashLady.com, to shed light on how Brits’ spending attitudes have changed amid the ongoing cost of living crisis.
According to the survey, over 3 in 5 Brits now consider at least one purchase to be a waste of money, a mindset they did not have prior to the cost of living crisis.
Among all age groups, it is the millennials (25-34 year olds) who have been most affected by the cost of living crisis in terms of reevaluating what constitutes a waste of money in the UK. A staggering 75% of individuals in this age bracket have altered their views due to the rising costs.
The top transformation in spending habits revealed by the survey is that many people now believe that opting for non-branded food and drink, rather than branded options, is a more prudent use of their money. This change in mindset outweighed other choices, such as revising gym memberships, streaming services, and opting for deliveries instead of collection.
Interestingly, residents of Greater London were found to be the demographic most likely to consider certain purchases as a “waste of money” that they previously did not view as such before the cost of living crisis, surpassing any other region in the UK.
When assessed by age group, respondents over the age of 55 were the most likely to agree that “nothing is a waste of money now that wasn’t before the cost of living crisis.”
Reflecting on the findings, Dan Whittaker, a personal finance expert at CashLady.com, remarked, “The cost-of-living crisis has profoundly altered our perspectives on spending habits and what we perceive as wasteful. The majority of Brits now believe that at least one purchase they previously considered reasonable now qualifies as a waste of money, with branded food and drink taking the lead in this perception shift.”
Overall, the survey findings underscore how the cost of living crisis has prompted Brits to reevaluate their spending choices and consider what constitutes a wise use of their finances, especially when it comes to avoiding unnecessary expenditures like branded products.
