The credit crunch has changed the way we live our lives.
The credit crunch hasn't just turned the financial world upside down, it is sparking a social revolution as well.
Here are 10 ways the liquidity squeeze is changing the way we live our lives - sometimes for the worst, but often for the better.
1. Goodbye bling, hello thrift.
The "buy now, pay later" culture is over. The never-never has finally arrived. That means no more conspicuous consumption, at least for a year or two. Instead we have conspicuous carefulness, as the middle classes deliver lectures on the delights of Lidl and explain how they shift their car into neutral when driving downhill to save on petrol. Time will tell which is more annoying. Let's hope the novelty of counting our pennies doesn't wear off until we have made a dent in the UK's stonking £1.3 trillion worth of personal debt.
2. Healthy living goes up in smoke.
The credit crunch is damaging the nation's health, as financially-stressed Britons cut back on healthy food, ditch their gym subscriptions, drink and smoke more, and sleep less, according to research from Friends Provident. We may be cutting back, but unfortunately it's on the wrong things. Leaner doesn't always mean healthier.
3. Eco-living costs the earth.
There has been a huge drop in the number of people willing to pay extra for environmentally-friendly goods in recent months, according to Abbey. When it comes to the crunch, we would rather save our pennies than the planet.
4. A crash too far?
We've now had two stockmarket crashes (and one housing market collapse) since the millennium. The FTSE 100 is down more than 20% on its December 1999 peak of around 6600. By the end of next year, there is a good chance it will have delivered negative growth over 10 years. It was always an IFA truism that stock markets outperform cash over the long-term, but that can no longer be taken for granted. Will the public now abandon stocks and shares for good? I wouldn't blame them if they did.
5. "My property is my pension."
How often have you heard people say that in recent years? A lot more than you're going to hear it in future. With house prices tumbling, people have one less excuse for neglecting their pension, because downsizing or equity release are less likely to plug the gap. In future, your property will be the place you live. Your pension, well, that will be your pension. Unfortunately, given point 4, it might not be a very big one.
6. Thousands of marriages saved.
One in four Britons say current economic woes make them less likely to split from their partners, according to research from Cahoot. Rising bills, household and living costs and given financial teeth to the phrase "for better or worse, for richer or poorer." Surprisingly, poorer is proving better at keeping couples together than richer.
7. A new baby boom.
Couples aren't just staying together, they are also staying in. That means the UK can expect a baby-boom, according to an incredibly reliable report in The Sun, as cash-strapped couples discover the best things in life are free: until nine months later, when they start splashing out on nappies, booties, prams, cots, sterilising kits, more nappies.
8. The work/life balance has shifted.
A couple of years ago, everybody was fretting over how hard we were all working, and how it was destroying our personal lives. Nobody is worrying about having too much work to do now. Quite the opposite. More than 3.3 million workers fear they won't have a job this time next year, according to the TUC. There's only one thing more stressful than having a busy job. That's not having one.
9. The British neglect their bottoms.
Love your bum, said the recent advert for Velvet Toilet Tissue, but the love affair is now over. Eight out of 10 people have wiped quilted toilet paper off their weekly shop to save cash, according to research by Cooperative Bank. Further proof that the credit crunch is hurting the bottom line.
10. Socialism is back.
Yes, comrades, capitalism is in crisis yet again. With the US nationalising its banks with a vigour and enthusiasm that would make Trotsky gasp, we are now witnessing the final and rather surprising triumph of Marxist-Leninist economic dogma. Who would have thought it, just two decades after the Berlin Wall fell? No doubt we'll all be driving Ladas and living on collective farms this time next year. Up the revolution!