The credit crunch may have caused anguish for many British consumers, but it has succeeded in strengthening community bonds, new research has suggested.
A study carried out by Halifax concluded that one-in-three people believe that the credit crunch has brought neighbours closer together, as more people choose to spend time at home.
It also emerged that 60 per cent of Brits now prefer to spend their Saturday nights with family and friends, as opposed to going out on the town.
Commenting on the findings, Halifax spokesman Paul Birkhead said: "When you take into account travel, food, drink and entertainment, the cost of a Saturday night out can soon add up and Brits are choosing to Stay In With The Joneses and invite friends and neighbours round instead for a night in."
However, Mr Birkhead noted that those who are planning to socialise more at home should invest in adequate household insurance cover.
Entertaining more in the home can increase the risk of spillages and accidental damage, he added.
Meanwhile, Darren Cook, head of public relations at independent financial group Moneyfacts, suggested last week that Brits had failed to prepare themselves for the economic downturn.
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