Brits changing routine to avoid crunch

Over a third of Britons are spending more time at home in a bid to avoid frittering money unnecessarily as the credit crunch bites, new research has found.

The Changing Face of British Homes survey by Legal & General found that 82 per cent of respondents were making changes to their home life because of financial uncertainty.

One in four had changed their holiday plans, while nine per cent had cut back on entertaining at home.

Meanwhile, 29 per cent said they were going to do their own home improvements and 38 per cent said they had cut back on luxuries such as satellite television and fresh flowers.

Homeowners in Scotland and the Borders were most likely to be making cutbacks, followed by the north-east and Wales.

Ruth Wilkins, head of communications at Legal & General's general insurance business, said: "The research highlights just how much our homes and home life can change as a result of wider influences on our lives. The current economic situation is no exception and the repercussions are already affecting people's home lives.

"It is particularly interesting that Brits' homes are becoming increasingly important to them as a shelter from the financial uncertainty," she added.

According to recent research by Unbiased.co.uk, consumers are reducing the amount of money they are putting aside in savings, with the amount added to a rainy day fund dropping by £11 billion in the first quarter of 2008.