It seems we're retreating back to more frugal ways as the global financial crisis hits home.

An Otago University study of more than two-thousand people has found New Zealanders are taking a more thrifty and traditional approach to their finances.

This compares to the last study 10 years ago.

Lead author Dr Leah Watkins said slumping economies have forced us to slow our spending, and become more waste conscious.

She said people are avoiding credit card debt, engaging in DIY more and being more price and quality conscious.

"More people are  saying they prefer to delay purchases than go into debt. Reusing more, recycling more."