According to the research, when asked what changes they intended to make as a result of the credit crisis, 23 per cent of participants said that they intend to cutback on luxuries.

The figures suggest that people are already feeling the squeeze on their finances as a result of increased household bills and mortgage rates, and intend to make changes as a result.

The poll also revealed that 16 per cent of participants propose to sacrifice a holiday in order to make ends meet. Other, more practical changes participants intend to make the include 13 per cent who will switch energy provider and four per cent changing mobile phone contract deals.

Almost a fifth (17 per cent) of people said they do not propose to make any changes as a result of the credit crisis. Director at Fairinvestment.co.uk, David Doulton, said: “I am surprised by the percentage of people who do not intend to make any changes to their spending habits; I can only assume that these people either do not have mortgages or are still enjoying a fixed rate.

“As we have seen over the past few weeks, the housing market has, so far, been the worst hit by the credit crisis; lenders have rapidly been pulling their best deals, and the structure of mortgages has been re-arranged to include fees and abnormally large deposits.

“People having to re-mortgage at the moment will undoubtedly be left with less spare cash at the end of the month.”

Only 3 per cent of those questioned said they would increase their overdrafts and an even smaller one per cent of participants said they plan to get another credit card. These results reflect the current financial climate where credit is becoming harder to get.

Mr Doulton continued: “The small number of people who plan to get more credit just shows how the economy has changed. This time last year our results would have been very different because credit was easier to come by and seen by many as the easy way out.

“Overall though, our research shows that those who are finding that money is tighter are taking action as opposed to getting into debt. This is good news – without making sacrifices, many households will find themselves treading water, increased energy bills and mortgage rates make this inevitable for many during the credit crisis.” Mr Doulton concluded.