A recent survey by George Street Research has revealed that the UK population is moving further towards spending and debts and away from saving and investing.
This research follows on from a previous survey done by Tesco. Their results showed that people living in the East of the UK saved more than people in the West did. Despite the trend, many people now see the need for financial advice as vital and more seem to be looking for an adviser. However, of the people surveyed some still believed that advice was free of charge.
Our View
Everyone spends money - that's what it is there for. However, credit is very cheap and freely available, more so than ever before and people do not take it seriously enough.
One tip is to make sure you have an emergency fund built up and don't touch it, unless there is an emergency. This should stop you having to take on credit at short notice, which could end up being costly in the long run. And, if you have to take on credit, compare what you have been offered in terms of charges and interest rates charged. There is a huge difference.