Saving scrapped amid crunch- survey
Updated on 12 September 2008
Nearly half of us plan to cut back on saving money and one in four will default on debts in a bid to make ends meet, a survey has showed.
Around 44% of people said they would stop paying money into savings accounts if their budget becomes too stretched, according to American Express Insurance Services.
A further 21% admitted they were likely to end their regular contributions to their children's Child Trust Funds, while 14% said they would stop making pension contributions.
More worryingly, 12% of those questioned said they would no longer pay their credit card bill if their finances become too tight, with the same proportion saying they would stop their monthly car finance payments and 11% saying they would no longer repay a personal loan.
Nearly a third of people said they would cut back on insurance products such as identity theft cover and payment protection insurance, while 27% would cancel their health insurance policy.
One in four people would stop paying for travel insurance and 17% would cut back on pet insurance.
But only 2% of those questioned said they would cancel a car insurance policy, rising to 8% who would cut back on home contents cover.
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