26 March 2009
Those who have not been through a recession before are being less economical with their cash, it is suggested.
Findings from Lloyds TSB show a fifth of recession novices are becoming more frugal, compared to 39% of veterans.
"If you have financial worries, facing them head on is always the best policy and having a plan of action puts you in control and helps to put your mind at ease," comments Graham Lindsay, Managing Director of Customer Experience at Lloyds TSB.
A third of those who have been through a recession before say they are better-prepared this time round, with 44% of those questioned saying it feels very different to the last time.
Most recession veterans also feel they are more realistic than younger generations about how much they can spend.
Interest rates in the UK are currently at their lowest rate in the Bank of England's history, standing at 0.5%.
Personal Finance Expert Rumina Hassam comments: "In the current economic climate, it is important for everyone to manage their finances properly. There are plenty of money saving options where consumers do not have to compromise their lifestyle, like making sure they have the best credit card deal or getting a good value bank account."