Britons 'financially overweight'
Published On 11 December 2007
A significant proportion of people in the UK could be considered 'financially overweight', according to a new study.Research undertaken by Abbey found that the average Briton is 43 per cent 'overweight' when it comes to their money situation.
The study revealed that women were in a worse position than men. Some 31 per cent do not have the most competitive mortgage rate they could get and 25 per cent haven't shopped around to find the best price on their insurance deals.
"As many gear up to shift the pounds they pile on over the festive period, we would encourage people to review the financial products they hold and shop around to ensure that they are getting the most competitive deal available," said Sue Hayes from Abbey.
"Like exercise, a financial workout can take a bit of effort but for most people the rewards are well worth the exertion."
The report found that 41 per cent of people have had the same current account for ten years, while 16 per cent of people maintain a credit card balance paying their lender's standard variable rate.
According to Credit Action, Britain's personal debt now stands at £1.39 trillion and increases by £1 million every four minutes.
