A third of Britons "debt free"

16 June 2008

A third of British people claim to be free of debt and nearly half save at least £1 from their pay cheques, according to new GE Money research based on a YouGov survey.

The credit crunch is prompting people to save more for the future, the research suggests, with 37 per cent of respondents stating their spending habits have changed in the last six to twelve months. Most are trying to restrict their spending.

However, over a quarter of people (27 per cent) surveyed "sometimes" or "always" feel their finances are "out of control" and almost 40 per cent say they save nothing from their pay cheque. Eight per cent say their outgoings regularly exceed their earnings.

Credit Action director Chris Tapp suggested that getting information about financial problems is important and that after talking to family and friends, the internet is the most popular source of advice.
"It`s important people are aware of the good sources of help that are available," he commented.
Mr Tapp also likened experiencing financial difficulties to "being the passenger in a speeding car".
In related spending news, people are now spending more than ever on travelling, said Lonely Planet.

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