The average Brit has saved £1,411 by cutting back this year – due to continuing cost-of-living pressures, according to research.
A poll of 2,000 adults found 83 per cent have tightened purse strings during the past 12 months, with holidays and going out among the biggest sacrifices.
Others do their weekly shop at more affordable supermarkets, have cancelled TV subscriptions, spent less on eating out, while others have made cutbacks by buying fewer new clothes.
Nearly a third (32 per cent) are even concerned they may not be able to afford Christmas this year.
This has led to savings of an average of £117.60 per month – a total of £1,411.20 across 2025.
But while 64 per cent blame rising costs for their cutbacks, 20 per cent shared concern of possible tax rises.
Electric car manufacturer Leapmotor commissioned the research following the launch of its latest SUV, the B10.
Damien Dally, UK managing director, said: “Money is tight for many and the speculation surrounding the Budget is only making people worry more. Brits are cutting back on ‘luxuries’ and building up a kitty for life’s essentials.
“But for savvy shoppers there’s smart more affordable choices people can make without having to compromise on quality.”
The research revealed almost 38 per cent think they will be in a worse financial position after the budget – and 64 per cent are likely to make further cutbacks this year.
In a bid to make more money, 35 per cent have sold old clothes, 28 per cent have invested money and 21 per cent started a side hustle.
Nearly half (45 per cent) plan on saving the money they have due to cutting back so that they can manage rising costs, whereas 29 per cent will spend on essentials.
The study, carried out via OnePoll, also found news surrounding EV fuel duty has made 28 per cent of Brits less likely to buy an electric vehicle.
But 45 per cent would consider getting an electric car if the initial cost, and running costs, such as charging the car, were cheaper than the cost of fuel on their existing car.
Damien Dally from Leapmotor UK, which has launched the B10 – a mid-sized SUV being described as one of the most affordable on the market, added: “A car is a necessary purchase for many, but we appreciate it’s not a small financial outlay – and with the potential introduction of a pay-per-mile electric vehicle tax, drivers may be put off making the switch to electric now.
“That’s why we want to give people a more affordable option, an option to spend less on their car and more on the things that really matter – like going out with friends and family or creating shared experiences that make life more meaningful.”
