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CREDIT CRUNCH EATS AWAY AT QUALITY OF LIFE

80% fear their lives will be affected

New research shows that 80% of British people fear their quality of life will get worse in the next 12 months as they face the perils of the credit crunch - according to new research from Savebuckets.com.

The research shows the extent of changing expectations regarding future spending - such as shopping and going out, gift-giving and management of expenditures at a time when prices continue to soar and with inflation set to hit 4% next year.

Savebuckets.com asked more than 2,500 people across the UK how they thought their quality of life would change in the next 12 months with regards to the credit crunch.

Key findings:

• More than two in five (44%) people expect they will have to switch to products from cheaper, lower standard brands within the next 12 months, reflecting the consequences of rising costs of living.

• More than one third (39%) of Britons will not be able to afford to go out as finances become tight. Even the younger generations have been affected by the credit crunch - two in five (42%) 18-35 year olds are now cutting down on their socializing expenditures as a worsening economic instability looms.

• To keep afloat with everyday living costs 1 in 3 (35%) Brits will not only buy cheaper presents for family and friends but stop buying them altogether.

• Almost one in three (29%) of Brits say that cash allowances will be their only coping strategy in the current economic situation. This tight control of expenditures resembles a return to post-war Britain when families had to ration their spending in order to afford expenses.

Regional variations:

• People in the North of England (85%) are most likely to expect lower standards of living in the next 12 months. The North has the highest proportion of people switching to cheaper brands with almost half (49%) trying to save money in this way and Scots (40%) are most likely to opt for cheaper presents for family and friends.

• People in Wales (34%) are least likely to give up their social life by going out less to save money.

Marc Ames, Spokesperson for Savebuckets.com commented: "As millions of Brits are expecting their cost of living to increase further in the next 12 months, our research has shown that Brits are beginning to think about cut backs in their everyday spending."

"As one of the UK's top cash saving companies, we offer our customers the opportunity to shop cleverly and avoid having to make sacrifices. At Savebuckets.com people can easily compare prices and obtain products within their budget. The launch of our summer ?crunch time? campaign comes at a time when economic instability is affecting us most and empowers ordinary families to control their living expenses."