1 in 5 'not making lifestyle changes due to credit crisis'

Around one in five people are not planning to make any changes to their spending habits despite the credit crunch, according to new research.

The study by the Fair Investment Company found that 17 per cent are not changing their lifestyle, while 23 per cent said they would cutback on luxuries due to increased household and mortgage costs.

David Doulton, the director of the firm, said he was "surprised" by the amount of people not planning on making changes.

"I can only assume that these people either do not have mortgages or are still enjoying a fixed-rate," he explained.

Mr Doulton added that those who are faced with re-mortgaging at the moment will "undoubtedly be left with less spare cash at the end of the month".

Previous research released by the Fair Investment Company found that nearly 60 per cent of people in the UK would choose a fixed-rate mortgage if they had to renew their deal in the near future.

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