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01/05/2008 - FINANCIAL WOES CAUSE BRITS TO DOWN TOOLS
• More than a third of Brits (36%) are turning their backs on DIY
• Less than a fifth (17%) will be decorating their home
• Over half (58%) are put off by rising council taxes
The May bank holiday weekend could be the quietest yet for the DIY industry, as a new report reveals a third of (36%) homeowners are turning their backs on home improvements in favour of saving for their financial future.
According to The Money Shop Monitor* - a quarterly barometer of the nation's cash related habits - less than a fifth (17%) of Brits will be decorate their homes over the bank holiday weekend and only one in twenty (5%) will be fitting a new kitchen or bathroom.
UK homeowners are becoming increasingly nervous about their financial future, with over half (58%) worrying about the rising council tax bills and almost a third (29%) admitting to been financially worse off compared to three months ago.
Andrew Bryan, The Money Shop, said: "Thanks to the credit crunch and the general lack of confidence in the property market, it seems more and more people would rather save money than invest in their property.
"No one can accurately predict what will happen to the housing market over the next few years, but with rising living costs and increasing house hold bills its important that people save money to ensure a financially secure future."
DIY isn't at the top of many Brits priority lists, with two thirds (67%) of home owners agonising over rocketing utility bills, one fifth (19%) worrying about the costs of raising a family and one in four (24%) are concerned about the increasing costs of cigarettes and alcohol.
18 per cent of 18 to 35 year olds would rather save for a holiday than spend money on home improvements, whilst one in four (25%) aged 35 to 44 admitted that they couldn't afford to decorate their home even if they wanted to.
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