Some save but one in four is 'out of control'
13th June 2008
The credit crunch is slowing down consumer spending and creating a crop of savers but many Brits still feel out of control of their finances.
A new survey by YouGov has shown that more than a quarter of consumers believe their financial situation is in free fall and 40 per cent have no money left by the time pay day comes around.
With an additional eight per cent admitting to regularly spending more than they earn, GE Money says the time has come to take stock.
Commenting on the survey's findings, a GE Money spokesperson, said: "As we approach summer we are urging people to take an active interest in sorting out their finances. With the cost of living increasing this is no time to relax; it is important that people take stock and ensure they know exactly what they owe and when."
Some consumers realise the value of savings as 44 per cent of respondents said they saved between £1 and £500 from each pay cheque.
Savers are being rewarded in the current economic climate. According to the Press Association, lenders are increasing their savings rates and Halifax's Regular Saver account pays a rate of ten per cent.