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Britons are adopting a simpler lifestyle as the credit crunch rolls on by shunning flashy or complicated purchases in order to make their money go further.

According to Abbey, over half of Britons said they are more likely to buy simple ‘no frills' products now than they were a year ago, suggesting a trend towards cheaper and simpler shopping, either by necessity or by choice.

The research also found a year on year increase in people's preference for buying secondhand goods. The biggest change seen was among those prepared to buy secondhand ‘white goods' such as fridge-freezers or washing machines – now almost a third of people will consider second-hand electrical goods.

The survey also revealed two-fifths of people say value for money is the most important factor when they buy something.

Roger Lovering, managing director of Abbey Credit Cards, says: "It's no surprise to see Britons reassessing their spending habits at a time when every penny counts, and it's encouraging that so many of us are embracing the ‘no frills' lifestyle. In today's difficult economic climate, reviewing your monthly expenditure to find ways you can make your money go further is absolutely essential, which is why straightforward, good value products are the order of the day. Britons' current priorities are very much about good financial management and value for money."

People have to do all they can in this credit crunch to save, because saving is now the only way borrowers can improve their chances of securing credit. The more you save, the more you can pay off and then in turn the better your credit score becomes.

SOURCE: Abbey, 28/04/09

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