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Bank refunds: 20m Brits cutting back on spending

People seeking out bank refunds may be interested to hear that AXA's new Big Money Index has revealed 20 million consumers in Britain have cut back on their spending since the end of last year because of financial pessimism.

The report found that 40 per cent of consumers have chosen to go out less between January and March, a five per cent rise compared to the previous quarter.

Almost half of young professionals, the most pessimistic group, went out less.

Eric Lhomond, chief investment officer at AXA UK, said: "These figures reveal a concerted effort by British consumers to claw back some financial security in the face of a significant drop in optimism that we found across all demographic groups.

"The result is that we are busy paying off debts, reining in unnecessary spending and clinging onto financial products to protect or grow our assets."

Jasmine Birtles, founder of money advice website moneymagpie.com, recently said people should cut back on luxuries to cut back on spending.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.
 ADNFCR-2776-ID-800575186-ADNFCR



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