Confidence up in managing debts and savings

11/01/2010

British people are feeling more confident about managing their debts and saving money in 2010.

The latest Quarterly Savings Survey by NS&I, one of the UK's largest financial providers, has found that over a quarter of the population are intending to save more money this year.

Greater London, Wales, East Anglia and the North East of England had a particularly positive outlook, while people in the South West were less certain of the economical future.

Tim Mack, NS&I's savings spokesperson, commented: "Improving prospects in 2010 may be one reason [for the increase in financial confidence], or it could be that people are taking the New Year as an opportunity to review and refresh their finances, and to increase their savings to boost their financial security."

NS&I said that the recent flurry of positive financial reports, including a decrease in Jobseeker's Allowance applicants, could be the reason for the boost in economic confidence in the UK.

Director of EuroDebt, Kevin Still, said: "With predictions that interest rates will stay below 1%, it is more probable that those that can save will pay down their personal debts at an accelerated rate.

"For those that don’t have surplus disposable income, which represents a sizeable proportion of the UK adult population, then debt management remains a priority with some having to turn to professional debt advisers for debt solutions like Debt Management Plans [DMPs] and Individual Voluntary Arrangements [IVAs]."

Tags; Budgeting Advice,

Regional Debt Advice; Debt Help Greater London, Debt Help London,

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