Back to school feeling ‘prompts financial resolutions’

As parents ready their children for a return to school, a recent study has suggested that many British consumers have resolved to reorganise their financial situation.

Research carried out online by Lloyds TSB shows that almost a third of UK consumers are aiming to “sort out their finances” as autumn approaches.

In many cases, people are hoping to avoid the prospect of excessive credit card debt, while others intend to switch their current account providers in search of a better deal, the financial services firm reports.

“Resolutions are not just for Christmas, they can be made at any time of the year and sometimes, committing to making changes mid year feels easier,” said Gladeana McMahon, who Lloyds TSB describes as “one of the UK’s leading life coaches”.

“Having time off work in the summer, or just having a lighter workload, can help people get their lives in perspective and think about the changes they want to make before Christmas comes around.”

A report from consumer group Which? recently claimed that the UK’s credit card providers are finding new ways to increase revenues after the Office of Fair Trading introduced limits on their penalty charge rates.