27m Brits plan to stick to a budget in 2013

Some 55 per cent of Britons are determined to stick to a budget in 2013.

A study by thinkmoney has made the discovery and applied nationwide the fi…

Some 55 per cent of Britons are determined to stick to a budget in 2013.

A study by thinkmoney has made the discovery and applied nationwide the figure equates to 27 million people. It highlights how many individuals are determined to be more responsible with their finances than they have been in recent years.

More than 40 per cent of respondents said they will shop around for better tariffs in the new year, while 31 per cent are determined to pay off non-mortgage debts. In terms of who is most likely to plan out a detailed budget, people aged between 18 and 34 came out on top.

Just under one-quarter (24 per cent) of UK adults are going to write a will to secure the financial future of their dependents, ten per cent are going to change their credit card provider and 30 per cent will either open up a savings account or invest more money in an existing one.

Ian Williams of thinkmoney said: "2013 is set to be a challenging year. Benefits being capped, wages stagnating, the threat of a triple-dip recession – we all have plenty to worry about as the year gets underway.

"It may sound obvious, but a good budget is quite simply the best way to get through difficult times with your finances intact: if there's one thing just about anyone can do to improve their financial security this year, this is it."

While it is good to see that many consumers are being proactive to bring their financial situation under control, for others, debt help may be required. If this is the case, then a debt management plan could be the ideal measure for them.

Open to anyone who owes a total of £1,500 to at least two creditors, this informal arrangement can help individuals reduce their monthly outgoings and freeze any interest charges they are facing on their debt.

This should give them the necessary breathing space to take control of their financial life.

By James Francis

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