Are you ‘always’ or ‘sometimes’ feeling out of control with your finances? Then join the more than quarter of all Brits (27%) who feel the same way, according to new research by GE Money. Worryingly, a further 8% admit to regularly spending more than they earn, which could leave you with debt problems.
The research also reveals that the credit crunch is changing the way that we are spending our money, as 37% admit that their spending habits have changed in the last 12 months, as they try to spend less to remain debt free. But as the cost of living is rising faster than wages, it is no surprise that nearly 40% are struggling with their debt management, and have no money left at the end of their pay month.
However, this research did reveal some good news! 1 in 3 people claim that they are debt free, and 44% are saving between £1 – £500 each month.
A GE Money spokesperson said: “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.”