Attitudes to budgeting 'need to change'

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Attitudes to budgeting 'need to change'

Individuals across the UK have been urged to change their attitude to budgeting in order to live in a more cost-effective manner in the present financial climate.

According to research carried out by Credit Action, 66 per cent of women and 54 per cent of men across the UK are constantly worried about their financial situation, but just 39 per cent of people have a long-term plan to manage their cash and savings.

Michelle Highman, chief executive officer of the organisation, said: "Budgeting is at the core of financial planning, and needs to be taken seriously early on to ensure financial security in later life. It is vital that consumers are empowered with knowledge."

Paul Rumbold, an independent financial adviser at Wayne Austin IFA, recently echoed these sentiments, claiming it is important for people to be aware of their financial limitations and therefore planning ahead and managing money effectively should be a priority.

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