Brits are not in ‘peak financial condition’
Just one in 100 Brits is in peak financial condition, while the average person is a massive 43% overweight in financial terms, according to a new study by Abbey.
The research analysed the personal finance behaviour of Brits and rated their overall fitness according to the financial products they hold, the competitiveness of these products and how often they shop around for better deals. A score of zero indicates a lean financially fit machine and 100 is the financial equivalent of being obese.
Women returned an average score of 46 per cent overweight whilst men scored a leaner 41 per cent. The research found that 31% of women have not got their mortgage at a competitive rate; 25% have not shopped around for insurance products; and 70% of women have either no savings or only enough to maintain their standard of living for less than three months. Comparative figures for men were 26% for mortgages, 17% for insurance and 61% for savings.
Sue Hayes, Director at Abbey said: “The research suggests that the majority of people are in need of a financial workout to get their finances in peak condition for 2008. As many gear up to shift the pounds they pile on over the festive period, we would encourage people to review the financial products they hold and shop around to ensure that they are getting the most competitive deal available. Like exercise, a financial workout can take a bit of effort but for most people the rewards are well worth the exertion.”