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An increasing number of people in the UK are planning to cut back on their spending this year, according to a new survey.

The research carried out on behalf of the Resolution Foundation found that one in three adults plan to spend less in 2012. This is a rise from October when 19% of people questioned said they would be reducing their spending. Around a quarter of people surveyed said they expect their finances to get worse this year.

As well as planning to reduce spending, the Resolution Foundation said that more people are now saving. The number of people making monthly savings rose to 30% from 22% in October.

Resolution Foundation chief executive, Gavin Kelly said 'Families that are already hard pressed are preparing for yet another tough year ahead, with a big rise in the numbers planning to cut back spending as well as try to save and reduce their debts. The longer households cut back spending, the longer it will be before we see real economic recovery.'

http://www.bbc.co.uk/news/business-16670888