Feeling the pinch of credit crunch

PEOPLE in Suffolk are cutting back on holidays, shopping trips and eating out in the wake of inflation and the effect of the credit crunch, a new survey has revealed.

PEOPLE in Suffolk are cutting back on holidays, shopping trips and eating out in the wake of inflation and the effect of the credit crunch, a new survey has revealed.

More than a third of people in the county are considering taking fewer holidays with 15 per cent revealing they will not be going away this summer.

Meanwhile 14pc of people say they have stopped going to restaurants and a massive 45pc of women have cut down on the amount they spend on clothes and shoes.

The statistics, compiled by Norwich and Peterborough Building Society, show clearly that increasing gas and electricity bills, hefty food prices and petrol pump increases, are having an effect in Suffolk.


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The survey revealed that Suffolk families are feeling the effects of soaring food and fuel prices the most, as almost 84 pc of people with children said they were spending more on gas, electricity, petrol/diesel and supermarket shopping.

Gary Lacey, group product manager at Norwich and Peterborough Building Society, said: “It is interesting that a large proportion of people in Suffolk who took part in our survey don't appear to be taking drastic measures with their finances just yet.

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“However our figures do reveal that families are being affected more than most by rising costs.”

Despite feeling the pinch, the survey showed people in Suffolk are still able to save money.

While only 6pc of people polled were managing to save more this year than last year, 42pc were still able to put away as much money as they did 12 months ago and a further 28pc were saving cash, albeit less than in previous years.

Around 24pc were not managing to save at all.

Ian Burnett, manager at Ipswich's Citizens Advice Bureau, said he is aware that people in the area are taking a more prudent approach to their finances.

He said: “What we are finding at the moment is an increasing number of people wanting debt advice are coming to us at the point we would wish them to come to us - when they are not quite in arrears but feel they are going down that route.

“It is obvious people are thinking more carefully and taking action to make sure they don't effectively go into the red which we can only applaud.”

n. Are you feeling the effect of the state of the economy? Write to Your Letters, Evening Star, 30 Lower Brook Street, Ipswich, IP4 1AN or e-mail eveningstarletters@eveningstar.co.uk

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