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Britain needs to be saving more, according to Transact
09 June 2008
British consumers need to be more financially aware and start saving more money, according to a financial advisor.
Loans and credit cards are no longer easily available for consumers due to a change in the economic climate so people should concentrate on saving instead of borrowing, claims Transact.
Jamie Elliott, coordinator at Transact, said: "We have one of the lowest saving ratios in the world. It's a huge problem and we need to shift from a culture of borrowing and seeing borrowing as the solution to our problem, to living within our means."
With the credit crunch and rising food and fuel costs tightening household budgets, many people are struggling financially.
"Now money is much more expensive and people are coming off fixed-rates. An increasing number of people are finding that their sums no longer add up," said Mr Elliott.
Research by Credit Action revealed that the average interest paid by each household on their total debt is approximately £3,790 each year.
