| Many consumers are looking to prepare for their | | | | more capable position to cope with various |
| financial future, new figures show. | | | | demands on their spending as they get older, |
| In research carried out by Nationwide, just under | | | | such as utility and credit card bills, loans and |
| half (48 per cent) of Britons claim that they either | | | | mortgage repayments. |
| want to start saving or begin to put more money | | | | Commenting on the figures, Stuart Bernau, |
| into accounts over the course of 2008. Meanwhile, | | | | executive director for Nationwide, said: "The |
| some eight per cent of people are aiming on | | | | economic climate over the last few months will |
| switching to a savings product which offers a | | | | undoubtedly have made people sit up and think |
| more competitive rate of interest, as three per | | | | about their own financial wellbeing, so it is not |
| cent desire to sort out their "financial paperwork". | | | | surprising that for many, saving more in 2008 is |
| Findings from the financial services firm also | | | | top of the agenda. |
| showed that three per cent state they want to | | | | "New year's resolutions can fall by the wayside as |
| get a better deal on their mortgage product. In | | | | the year goes on, but by making one resolution |
| addition, six per cent cite getting rid of unwanted | | | | and sticking to it you can really make a difference |
| credit cards as their main objective over the next | | | | to your finances. Simple changes, such as ensuring |
| 12 months. For such people, applying for a debt | | | | you utilise your annual tax-free allowance or by |
| consolidation loan could be a useful way in which | | | | making monthly contributions to a regular saving |
| to clear off monies owed across a number of | | | | account can help you make the most of your |
| cards. | | | | savings." |
| The study also indicated that men rather than | | | | Those consumers concerned that current |
| women are aiming on protecting their finances for | | | | constraints on their finances will prevent them |
| later life. Overall, 26 per cent of males state that | | | | from saving as much money as they would like |
| saving money more often is the most vital | | | | could be advised to apply for a debt consolidation |
| financial change they need to make over the new | | | | loan. In doing so, borrowers may be able to meet |
| year, in comparison to 24 per cent of females. | | | | various demands on their spending and free up |
| Meanwhile, those between the ages of 18 and 24 | | | | more disposable income each month. Such a loan |
| are looking the most to increase the amount of | | | | could be useful for an increasing number of |
| money that they save in 2008, with 65 per cent | | | | Britons after SimplySwitch recently reported that |
| of those within this age group looking to do so. | | | | many homeowners "will really feel the pinch early |
| About a third (34 per cent) of the over-55s, | | | | in the new year" as a result of rising utility bill |
| meanwhile, claim that they would like to save | | | | prices, combined with higher petrol and mortgage |
| more money. And in putting more cash aside, | | | | costs. |
| many consumers may find that they are in a | | | | |