70% of Britons are looking to make cuts to their outgoings this year, with 12% planning large financial cuts.

The top five cuts to outgoings in 2011 will be: entertainment budget (74%) bills by switching provider (51%) food budget (41%) travel costs (31%) and internet/phone/TV package (29%).

Gareth McChesney, head of home and motor portfolio management, Allianz UK, said: “As UK households look forward into 2011 many may face difficult financial choices and as a result it is understandable that those who control the purse strings are looking at ways to save money. People will naturally prioritise what is important to them but there is a danger that by cutting in the wrong places Brits could be left even more at risk.””