Recession 'has forced Brits to get smarter with their finances'

www.moneynews.co.uk > Banking > Recession 'has forced Brits to get smarter with their finances'

Recession 'has forced Brits to get smarter with their finances'

Tue 24th Jan 2012

The onset of the recession across the UK in recent years has forced many individuals to get smarter about the way they handle their finances and has been a wake-up call for many, one financial expert has claimed.

Ed Bowsher, head of consumer finance at lovemoney.com, said the financial crisis has forced many people to think more carefully about how they spend their money and has highlighted the perilous financial situation many people were in prior to the economic downturn.

"More people now understand how dangerous debt can be. They'll be keen to save more and borrow less. On the other hand, unemployment will probably carry on rising for a while yet," he noted.

His comments follow the publication of data from the Institute for Public Policy Research, which revealed earlier this month that the UK is likely to now be back in a state of recession in the first quarter of 2012.

Click here for more banking news

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'