Abacus Daily Debt News

Debt threats curbing female spending?

Women appear to be cutting back on their expenditure as a result of the recession and limiting potential debt problems that may arise through too much shopping.

This is according to the latest survey from The Co-operative Bank Savings, which found that 75 per cent do not intend to make impulse purchases this year.

Cutbacks will be seen in clothes and accessories, while eating in restaurants will also be minimised.

Director of retail products for the firm John Hughes noted that this study is indicative of the fact that women are being "savvier" about their spending habits.

"They are sticking to a budget and paying greater attention to their bank balances," he said, adding that saving money throughout the year can be beneficial in the long run, despite it being difficult right after the Christmas period.

And similar numbers were recently published by the Office for National Statistics, which found that less is being spent on clothing and footwear, with the average amount being £21.60 a week.

By Sarah Adie