Consumers fear big changes to lifestyle

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A QUARTER of consumers fear they will have to make “major lifestyle changes” to cope with the current financial climate, according to a report.

Some 25 per cent of consumers say they are “in real danger” of being forced to make changes to cope financially such as moving to a cheaper house, giving up a car, holiday or children’s private education, the Axa Big Money Report found.

Almost two-thirds of those polled (64 per cent) said their purchasing behaviour has changed significantly over the last two years.

The study found just 18 per cent believe their financial situation will improve in the long term, while 18 per cent also said they had stopped saving money by the end of last year.

One in six (16 per cent) said they would “not be able to cover” their financial outgoings for the next three months if they lost their job today.