LONDON—A new report shows that in at least one country, people are turning more to their savings than credit cards for purchases.
Unsecured personal credit, which includes items like personal loans and credit cards, increased by 817 million pounds in Great Britain ($1 billion) in July, half the pace of the previous month, Bloomberg reported, citing Bank of England data.
Meanwhile, the annual gain in personal deposits slipped to 1.2% in July, the lowest level since records began in Oct. 2007, Bloomberg said.
“The trend indicates a preference to use savings rather than credit to cover living costs. Britons are starting to spend more than they earn after the 2016 referendum to leave the European Union sank the value of the pound, which has made the increased cost of everyday items like groceries and fuel take up a larger chunk of U.K. salaries,” Bloomberg said.