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Brits put ‘life on hold' as plans for foreign hols and new cars are delayed

06 February 2013

Brits are delaying decisions which could have a big impact on their finances, reveals new research released today.  In the last 12 months, 27% of people have delayed a decision about going on a holiday abroad, while nearly one in five (19%) put off buying a car.

The survey commissioned by comparison website Gocompare.com found that people had also put on hold decisions about their homes and careers:

  • 17% had delayed a decision about changing jobs;
  • 14% had put off a decision about moving house;
  • 9% had delayed a decision about setting up a business or becoming self-employed;
  • 7% had delayed a decision about buying their first home.

The financial outlook for 2013 doesn't look any brighter, with the majority (63%) of those surveyed anticipating a very difficult year ahead, and their biggest financial concern (42%) is the rising cost of living and household bills.

Putting the current downturn in perspective; 41% of Brits say they believe they are worse off than their own parents were at the same age.

John Miles from Gocompare.com commented: "Without question, the current economic climate is impacting on people's day-to-day lives, it's unsurprising that decisions about buying big ticket items such as cars or holidays are being deferred.  For many, increases in the cost of living are running ahead of their income, which means people need to manage their household budgets carefully if they are to retain their standard of living.

"One of the quickest and easiest ways to save money on your household bills is to find the best deals for your financial, phone, broadband and energy services. It's pointless paying more than you have to with one provider when another will give you the same service for less money.  Comparison sites like Gocompare.com provide fast and up-to-date information on what's available, helping people access not just a cheaper deal, but enabling them to more easily compare products to find the best value for money."

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Notes to editors:

Research commissioned by Gocompare.com carried out among 2,009 randomly selected British adults from December 14 to December 17 2012 by Vision Critical.