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Vouchers and discounts could make your bank account stretch further

By Joel Stanier

20 June2021

Discount voucher We'd all like our money to stretch further, especially at a time when it seems like everything's getting more expensive. And in recent years we've seen the different ways people are trying to get more out of the money in their bank account - such as switching to 'own brand' items in the supermarket, or buying in bulk.

Research by Nationwide has found that coupons and money-off vouchers have become particularly popular in recent years. Just under three quarters of people (72%) now make purchase decisions based on where they can get a discount.

The most popular use for discount vouchers is eating out (20%), suggesting that many people may be using discounts to justify spending money on leisure activities rather than focusing on the essentials, like their weekly shop. 75% of respondents to the survey said they would choose a restaurant or day out based on where they could get money off.

John Crossley, Nationwide's head of current accounts, said: "Household bills continue to rise, but people's wages aren't rising at the same rate. In many households, saving money has become a necessity and shopping around to find a discount or money off voucher has become the norm."

An expert at Think Money commented: "It's good that people are really thinking about how to make more of their money - one positive thing to come out of the financial crisis.

"Vouchers and discount codes can be a very good way of saving money, although if you're struggling financially then it may be best to avoid 'luxury' spending wherever possible, even if you can get a discount - and focus more on discounts on things you would have bought anyway.

"Cashback schemes, in which people receive money back for every pound they spend, can also be very helpful - and there are a few bank accounts out there that come with their own cashback schemes."

Image etr Vaclavek - Fotolia.com

Tags: bank, bank account, Nationwide, vouchers discount codes, bills, debt, poverty, saving money, financial crisis

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