Alliance And Leicester Reveals People Making Positive Money Moves
In the continued period of economic uncertainly, significant numbers of Britons are looking to be proactive with their money management and get themselves on a firm financial footing, a new study shows.
Research released by Alliance & Leicester indicates that, in a bid to see their spending through tough times, the majority of consumers are cutting back on their expenditure, attempting to earn more money or even both. According to the financial services firm, 45 per cent of people are becoming savvier in the supermarket aisles and are trying to select the most competitive deals on their grocery shopping. Meanwhile, a fifth of those questioned stated that they are looking to change utility bill providers, with 39 per cent of respondents claiming they are trying to cut down on the amount paid out in electricity costs by turning their lights off.
Meanwhile, more than three-quarters (77 per cent) of adults in the north were indicated as being proactive in improving their overall financial position. However, such action could also be advised for consumers living in Wales and the south-west of England as people here are shown to be most concerned that they will suffer from a drop in disposable income over the next six months.
In addition just under one in ten of those questioned are indicated to be looking towards debt consolidation. It was revealed seven per cent of Britons are merging money owed across a number of credit cards into a personal loan.
Furthermore, it was shown that six per cent of people have changed occupation in order to move on to a higher salary. The same proportion was also indicated as taking on another job.
Commenting on the research, Emma Walkley, current account manager at Alliance & Leicester, said: “It is encouraging to see people are making positive changes to their spending and budgeting habits. This will hopefully stand them in good stead should they see their disposable income affected over the forthcoming months. Taking advantage of the best financial deals on the market is always important, but more so in the current environment. We would advise people to take a good look at their finances and see how they can be improved. Often making simple changes like switching to a current account provider offering a better interest rate can make any belt-tightening feel a little bit easier.”
The financial services firm reported that eight per cent of people have switched current accounts to help them manage their money more effectively.
For those consumers looking to get a better grip on their spending, applying for a consolidation loan could prove to be of assistance. By selecting this kind of loan borrowers may find that they are able to merge numerous constraints on their spending into a low-cost monthly repayment. In turn, this may leave people with more disposable income, money which could then be invested into savings accounts. A recent Nationwide study indicated that more than a quarter of Britons with an individual savings account state they do not have sufficient amounts of cash to allow them to make contributions into the financial product.
Essentially Home Loans providing you with breaking debt consolidation loans news.