The A&L study shows that 34 per cent of respondents expect to have less spare cash, while 79 per cent blame this on the increasing cost of food, consumer goods, household bills and fuel prices.
55 per cent of those surveyed said they are already taking control of their finances with some even selling cars and other expensive items.
Other measures people are taking to save money include changing utility providers, switching credit cards, changing current accounts, taking out a personal loan and taking on a second job.
A&L current account manager Emma Walkley, says: “It is encouraging to see people are making positive changes to their spending and budgeting habits. This will hopefully stand them in good stead should they see their disposable income affected over the forthcoming months.
“Taking advantage of the best financial deals on the market is always important, but more so in the current environment.”