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According to new research from Saga Home Insurance, more than a fifth (21 per cent) of people are cutting back on basic day-to-day expenditure.
Following on from recent hikes in energy prices, many Brits are facing a difficult winter, compounded by a predicted rise in household bills and a nine per cent increase in the overall cost of living.
Those over the age of 50 are being hit worst by the increases with almost a quarter (24 per cent) saying they will reduce the amount they spend on bare essentials.
Despite this spate of belt-tightening across the nation, Brits are increasingly disinclined to cut back on luxuries and treats, with only one-in-ten(eight per cent) claiming they have reduced such expenditure.
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