Most Brits ‘need a financial workout’

The vast majority of people in the UK could benefit from a financial workout as the new year gets underway, according to recent research.

January is often a particularly difficult month for people facing debt management difficulties and Abbey’s latest study suggests that 99 per cent of Britons could be organising their finances more effectively.

Men tend to manage their money better than women in the UK, but almost everyone could be benefiting from a more competitive deal from their mortgage, current account, credit card or savings provider, Abbey insists.

In addition, the banking group reports that many people could be saving themselves money and potentially coming closer to being debt free, if they secured the best insurance deal available to them.

The accountancy company Grant Thornton recently asserted that insolvency rates are set to soar across the UK during the early part of this year.