Brits ‘more aware of money matters’

The credit crunch has made Britons more aware of the significance of handling debt management issues, new research has suggested.

Figures compiled by AXA have revealed that 80 per cent of UK adults are more likely to actively manage money matters.

However, the firm urged people to ensure they are receiving advice from a professional, as the study showed that many consumers are turning to family and friends for guidance rather than qualified workers.

In addition, the survey found that 40 per cent of those polled are concerned about their financial situations, while 20 per cent are worried about repaying immediate debt.

One in six of the participants stated that they have “significant” cash problems that need to be tackled.

“Understandably people are confused and concerned about their finances at the moment,” remarked Steve Folkard, head of pensions and savings policy for AXA.

In January, a typical UK adult owed over £4,000 through forms of borrowing such as loans, store cards, overdrafts and credit cards, data from Credit Action has revealed.

By Jamie Price