From the press... The way in which people in the UK spend their monthly income has completely changed as a result of the finance crisis. That is the main finding of research carried out by the credit card division of Banco Santander (formerly Abbey Bank) which indicated that frugal consumers were now making their monthly income go by up to 7% further than before the credit crisis. As a result approximately £1,750 a year per individual is being saved by this general change in spending habits.

Over two thirds of people or some 69% indicated they were spending less on food, while 46 per cent had saved money on their travel expenditure. About the same number have also saved money on holidays, while 35% had made changes to their financial arrangements with many for example deciding to switch to a lower cost credit card.

Callum Gibson, head of Banco Santander's card division, is reported to have said that at a point in time when people's finances are becoming ever more stretched it is not surprising that the public have become more astute in the way they shop by taking the time look around and compare prices.