Millions of Britons are financially ‘overweight’ according to a new study of the country’s debts, with over ten per cent of people said to be financially ‘obese’.
A survey by Lloyds TSB which correlates financial status to weight, as part of its Bank Mass Index (BMI), suggests that many Britons need to lose some weight when it comes to their debt management.
Almost half of those in the UK are said to be overweight – meaning the amount of debt they have is greater than their level of savings.
Obesity – which affects 12 per cent – is defined as an over-reliance on debt, with more than a quarter of spending each month going on unsecured repayments.
Developed by Professor Stephen McKay of University of Birmingham, the survey portrays an unflattering picture.
Ian Larkin, managing director, consumer banking, Lloyds TSB commented: “Our physical health is something that the nation is taking increasingly seriously.
“Most of us know our Body Mass Index, but our financial health seems to be less of a priority and often people have misapprehensions about the real state of their money.”
One of the more staggering findings of the survey was the conclusion that four in ten (42 per cent) people had no savings at all.
The most financially obese were 18 to 24-year-olds, while those over 55 were the fittest and most likely to be debt-free.