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Britons taking control of their finances

Britons taking control of their finances

Category: Money

Updated: 16/12/2010
First Published: 16/12/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Britons have been credited with emerging from the recession with a refreshed attitude towards their finances.

Having had to cope with the challenges posed by the economic downturn, Lloyds TSB says 57% of British banking customers (the equivalent of 27 million people) are more confident about how they manage their finances than ever before.

Awareness about financial matters has increased to an all time high, with consumers having enhanced their financial insight over the past few years.

People are also taking greater control of their finances, with a third of those surveyed claiming to be more in control than in previous years.

The bank said that one of the main indicators that consumers are managing their finances better is the decline in the use of overdrafts.

Although half of those surveyed admitted they had used an overdraft at some point in the past, the trend seems to be diminishing.

Almost half (46%) claimed to use their overdraft a lot less now than in previous years, while more than a third (34%) said they had not troubled their overdraft facility for at least one year.

Overall, it is thought that the financial crisis has contributed to money management improvements for over six million consumers.

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