Lloyds TSB: Brits are financially unfit

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Lloyds TSB: Brits are financially unfit

Lloyds TSB had determined that most Brits are financially overweight, after developing a Bank Mass Index (£BMI) system to test the nation's fiscal fitness.

It found that the average £BMI score was 28, which comes into the financially overweight category.

People in that category have levels of debt that are significantly higher than their savings, meaning they could be financially over-committed.

The younger generation were most likely to be financially obese, scoring an average of 31, indicating that they spent more than 25 per cent of their gross monthly income on unsecured repayment.

Those aged 55 and over, on the other hand, scored a much fitter average of 24.

Lloyds TSB recommended that those people with a high £BMI should take a long hard look at their spending, set a budget and prioritise their repayments.

Ian Larkin, managing director of consumer banking at Lloyds TSB, said although most people known their Body Mass Index, "our financial health seems to be less of a priority and often people have misapprehensions about the real state of their money".

With consumer debt continuing to grow steadily in the UK, a number of banks have called on chancellor Alistair Darling to do more to encourage saving in today's Budget.
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