The credit crunch has changed all of our lives in some way, meaning that many of us may feel as though we have debts that we cannot afford or that we are becoming penny-pinchers in order to make our pounds go further.

Lloyds TSB have released a Financial Face of Britain report showing that the credit crunch has shown both positive and negative trends in the way that we deal our finances. One in three of us have curbed our spending habit over the last six months so we can cope with the economic downfall.

However, due to the rising cost in living, the financial face of Britain shows how two out of every five adults are now saving less with the 45-54 age bracket having to cut their savings the most severely. In addition, over four million do not have any savings put away.

Mark Cockburn, Retail Network Director, said: “It is difficult to put money aside with rising bills and ever increasing household expenses. While everyone understands the good sense in saving, what consumers told us they need is more guidance and advice on how to save more”.