Consumers 'must take control of their finances'

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Consumers 'must take control of their finances'

Thu 27th May 2010

The public need to begin living within their means again after living through a consumer boom over the last decade, a finance charity has suggested.

Director of Credit Action Chris Tapp described how people must accept that they have to spend a little less than the previous year and get back to basics with regards to their finances.

He claimed the recovery from the recession could take a "long, long time", which breeds a degree of pessimism in terms of spending.

Mr Tapp stated: "People have to be helped to manage their resources. If you are confident and in control of your finances and you have some savings, then you as a consumer can be confident."

The recent Markit Economics household finance index showed household finances have worsened since April, with 26 per cent of 2,000 respondents saying their situation had deteriorated during that time.

In addition, 43 per cent of households believe their finances are set to get worse over the next year.

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