The provider’s research also revealed that 61 per cent are already taking advantage of special offers and discounts, while more than half have cut back on luxuries such as CDs and DVDs.
Director of Abbey
He added that careful budgeting and shopping around for financial products could go some way to combating the rising cost of living.
Other findings included the fact that 1.3 million people are planning to sell their car in response to soaring fuel costs.
Last month Abbey research found that the average 11 to 15-year-old has a bank balance of £475, as children attempt to take pressure off parents by funding themselves.
© Adfero Ltd