Almost two-thirds of adults are planning spending cuts – with takeaways, holidays, and charity donations among the many prime gadgets to curtail. The research of two,000 adults discovered these seeking to curb spending are plan to chop down on days or evenings out (22 p.c), and donations to good causes (26 p.c).

Products reminiscent of booze (16 p.c) and cigarettes (10 p.c) additionally face the chop, together with purchasing for garments or sneakers (18 p.c).

This may very well be partly as a result of a sustainability drive, with 34 p.c extra possible to purchase second-hand gadgets.

There’s additionally a rising sense of self-reliance, too – as 36 p.c of individuals are more likely to sort out DIY tasks themselves, versus hiring tradespeople.

Vicki Joshi, chief buyer and model officer at AXA UK, which commissioned the analysis, stated: “People are having to make tough choices when it comes to their finances, and will likely have to continue to reduce spending on things they otherwise would like to keep up.

“Especially when it comes to insurance, it’s no surprise that cost continues to be the main consideration for most, as people rightly want a competitive price and to know they’re getting a good deal.”

Despite the financial downturn and cutbacks, individuals stay optimistic about their monetary well being, with 57 p.c ranking their scenario as above common.

And 57 p.c additionally assume they're going to be in a greater place subsequent yr.

Despite lowering spending in lots of areas, there's a reluctance to ditch insurance coverage insurance policies – with 70 p.c and 71 p.c having automotive and residential insurance coverage respectively, whereas 44 p.c have breakdown cowl.

Other widespread insurance coverage merchandise embody journey (28 p.c) and pet insurance coverage (25 p.c).

Almost half of these polled (47 p.c) think about worth to be crucial issue when shopping for insurance coverage, forward of the extent of canopy (26 p.c), and it being from a model individuals belief (12 p.c).

For these interested by getting insurance coverage within the subsequent three months, half stated they have been doing it for peace of thoughts.

Vicki Joshi added: “It’s essential their policy has the right level of cover for when they need it the most.

“While there are unquestionably difficult circumstances, it’s encouraging to see most people are optimistic about the future, and are making short-term changes to protect the things that matter to their future.”