Brits 'underestimate bill savings'

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Brits 'underestimate bill savings'

Tue 1st Dec 2009

Many people in the UK underestimate the amount they will have to pay on their monthly bills, it has been asserted.

Research from Reality Gap for Bright Grey found that many Brits are underestimating the money they owe to suppliers by as much as £964 a month.

In addition, it was discovered that, while many people could only be financially-stable for five months if they were out of work, they tend to think they could last for double this time.

This demonstrates that British people are ill-informed when it comes to their finances, according to Roger Edwards, proposition director at Bright Grey.

He highlighted the most concerning aspect of this is that many households do not have a real concept of what they are spending.

This makes it difficult for them to budget and effectively budget their finances, Mr Edwards warned.

He commented: "If they start to pull together a realistic plan now they could save themselves a lot of heartache in the future."

The organisation recently found that 12 million people in the UK have struggled to cope with their monthly bills as a result of the recession.

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