Brits ‘budgeting more’ due to credit crunch

Britons are carrying out more debt management due to the credit crunch, it has been suggested.

A survey from Co-operative Life Planning has found that 66.5 per cent of respondents said they planned more now than they used to and a further 74.1 per cent claimed the credit crunch had made them more careful with how they spend their cash.

In addition, half of those questioned stated they spent 15-30 minutes per day budgeting or preparing for activities such as shopping.

Spokesman Ian Mackie commented: “Planning ahead for all life events is evidently becoming increasingly popular”.

The study also showed that seven in ten people thought new technology such as the internet had contributed to them planning more often.

Recently, HSBC advised students to budget more as the credit crunch could mean there are less part-time jobs available.

It added that the rising cost of rent and food would also have an effect on their finances.

By Jamie Price

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