Many Britons are making cutbacks in their lives in a bid to beat the credit crunch, it is believed.

New research from Abbey shows that over half of Britons are adopting this lifestyle, with many resorting to cheaper products in the supermarkets.

"In today’s difficult economic climate, reviewing your monthly expenditure to find ways you can make your money go further is absolutely essential, which is why straightforward, good value products are the order of the day," comments Roger Lovering, managing director of Abbey Credit Cards.

Those who have made cutbacks and are still facing financial troubles, however, may want to consider taking advice from a debt management company.

The research shows that people under the age of 20 are most likely to buy no frills products, with 30 per cent of those questioned saying they have always bought such items.

In response to the latest Budget, Abbey welcomed plans to extend the stamp duty holiday, saying the move would help first-time buyers.

It did, however, express its disappointment that the move did not go a step further.