Many consumers are looking to prepare for their financial
future, new figures show.
In research carried out by Nationwide, just under half (48
per cent) of Britons claim that they either want to start
saving or begin to put more money into accounts over the
course of 2008. Meanwhile, some eight per cent of people
are aiming on switching to a savings product which offers a
more competitive rate of interest, as three per cent desire
to sort out their "financial paperwork".
Findings from the financial services firm also showed that
three per cent state they want to get a better deal on
their mortgage product. In addition, six per cent cite
getting rid of unwanted credit cards as their main
objective over the next 12 months. For such people,
applying for a debt consolidation loan could be a useful
way in which to clear off monies owed across a number of
cards.
The study also indicated that men rather than women are
aiming on protecting their finances for later life.
Overall, 26 per cent of males state that saving money more
often is the most vital financial change they need to make
over the new year, in comparison to 24 per cent of females.
Meanwhile, those between the ages of 18 and 24 are looking
the most to increase the amount of money that they save in
2008, with 65 per cent of those within this age group
looking to do so. About a third (34 per cent) of the
over-55s, meanwhile, claim that they would like to save
more money. And in putting more cash aside, many consumers
may find that they are in a more capable position to cope
with various demands on their spending as they get older,
such as utility and credit card bills, loans and mortgage
repayments.
Commenting on the figures, Stuart Bernau, executive
director for Nationwide, said: "The economic climate over
the last few months will undoubtedly have made people sit
up and think about their own financial wellbeing, so it is
not surprising that for many, saving more in 2008 is top of
the agenda.
"New year's resolutions can fall by the wayside as the year
goes on, but by making one resolution and sticking to it
you can really make a difference to your finances. Simple
changes, such as ensuring you utilise your annual tax-free
allowance or by making monthly contributions to a regular
saving account can help you make the most of your savings."
Those consumers concerned that current constraints on their
finances will prevent them from saving as much money as
they would like could be advised to apply for a debt
consolidation loan. In doing so, borrowers may be able to
meet various demands on their spending and free up more
disposable income each month. Such a loan could be useful
for an increasing number of Britons after SimplySwitch
recently reported that many homeowners "will really feel
the pinch early in the new year" as a result of rising
utility bill prices, combined with higher petrol and
mortgage costs.
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Abbi Rouse writes for All About Loans. Visist us today to
apply for cheap loans online, personal finance, and UK
tenant loans. Visit today http://www.allaboutloans.co.uk/
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