Around eight out of ten people said this was because of the rising costs of food and household bills, coupled with record fuel prices.
Current account manager at Alliance and Leicester Emma Walkley said: "The good news is that people are taking action now and looking at ways of making their money go further rather than burying their heads in the sand."
Areas hit include fashion as 39 per cent of those polled said they were cutting back on clothes spending.
About 36 per cent of people said they were cutting back on socialising, but a quarter also said they had made no reductions at all.
UK petrol prices stood at an average of 114.2p per litre of unleaded and 126.7p for a litre of diesel on May 22nd, according to petrolprices.com.
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