North-west consumers 'well prepared for recession'

Careful consumers in the north-west are taking greater financial care in the recession than people in other regions.

This is the main finding of a new survey from Yorkshire Bank, which found that seven in ten people living in the area had ’changed their lifestyles’ as a result of the crisis.

Around a third of north-west residents said that they were currently saving to buy ’big ticket’ items, rather than purchasing them through a card or personal loan.

What’s more, 26 per cent said that they are trying to increase the amount they save each months.

This contrasts with a Nationwide survey taken recently, which showed that just one in two Britons save regularly and that one in four never save at all.

Gary Lumby, Yorkshire Bank’s head of retail banking, said: ’The current economic situation has inevitably changed people’s attitudes towards spending and saving.

’However, the survey has revealed that people are now adopting a more prudent approach to money and this is a positive change.’

East Anglia and Yorkshire residents were found to be the second and third most likely to have changed their financial habits in the downturn.

East Midlands came bottom of the survey, with just 52 per cent of residents making the adjustments to their budgets.ADNFCR-2318-ID-19264249-ADNFCR