Millions of Brits ‘have unhealthy finances’

The personal finances of millions of UK consumers are in an unhealthy state, according to a recent study by Abbey.

A typical British adult is around 43 per cent “overweight” in terms of their money-related fitness, Abbey’s research team concluded after assessing the competitiveness of the average person’s financial service deals.

Furthermore, as millions of people aim to become debt free, only one per cent of British consumers have secured the best financial services deals available to them, the recent study suggests.

Sue Hayes, director of Abbey, said: “The research suggests that the majority of people are in need of a financial workout to get their finances in peak condition for 2008.

“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.”

Apacs, the UK’s payments association, recently predicted that close to £11.7 billion in
credit card debt is set to be accumulated in the UK over the course of this month.