You are here: Home - Credit Cards & Loans -

Consumers cut festive flab not finances

Written by:

Diets and holidays top the list of New Year priorities for UK consumers, according to the Financial Services Authority (FSA), leaving money worries out in the cold.

Recent research from the regulator has shown 48% of people are more likely to go on a diet or book a holiday than try and sort out their finances this January (13%). In addition, just less than a quarter (24%) of 16 to 44 years olds are worried or scared about bills arriving in the New Year.

The research also showed a lack of planning on the part of UK consumers, with 58% either unsure of what Christmas would cost. Those that did know overspent anyway, with 23% using loans and credit cards to bridge the financial gap.

Chris Pond, FSA director of financial capability, said: “Sorting out your budget isn’t the most interesting thing you will do after Christmas, but it could be the most important. The consequences of not managing your money properly can be devastating. If you don’t make payments on time it can affect your credit history and at worst put your home and even relationships under pressure.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Interest-free overdraft limits on the rise

Nearly 40% of all current accounts on the market offer an interest-free overdraft limit, according to research from