| |
Wallets are more likely to be closed this summer
|
Credit Crunch Prompts ‘No Frills’ Summer
Writes Dan Drage dan.drage@consumerchoices.co.uk
Research published by GE Money shows one in four UK consumers feel their finances have spiralled ‘out of control’.
Over a quarter of all subjects surveyed felt they were losing the grip on their purse strings, while a further 8% confessed to spending more than they earn.
Significantly, a third of those quizzed described a shift in their spending habits over the last twelve months, a move away from frivolous impulse buys and towards tight budgeting.
Despite this thrifty trend, 40% of Britons have no money left at the end of each pay cycle.
|
"40% of Britons have no money left at the end of each pay cycle"
|
A GE Money spokesperson had the following to say on the subject of these findings:
“As we approach summer we are urging people to take an active interest in sorting out their finances. With the cost of living increasing this is no time to relax; it is important that people take stock and ensure they know exactly what they owe and when.”
On a more positive note, over half of respondents vowed to take greater care of their finances as the credit crunch continues. Additionally, 1 in 3 participants are living debt free.
Chris Eagle, Commercial Manager at Credit Choices, says super size your savings:
"With every last penny now utterly essential, you must make your savings work as hard as they possibly can"
He continues:
"Take advantage of the savings account wars currently being played out by Halifax (www.halifax.co.uk), Barclays (www.barclays.co.uk) and Icesave (www.icesave.co.uk) in order to maximise your returns."
| 
