Brits had ‘fewer financial regrets in 2012’

Adults in the UK were happier with the state of their finances at the end of 2012 than 12 months previously.

First Direct has carried out its third annual Financial Regrets survey and discovered that 60 per cent of people are content with their monetary situation, which represents an eight per cent increase on the 2011 figure.

However, this does not mean that everyone feels they have enough to make ends meet. The top financial regret was not saving enough (32 per cent), followed by not paying off debts (23 per cent) and failing to pay into a pension (seven per cent).

This demonstrates how there is still genuine concern among some Britons, as they feel they are not in a financially comfortable position.

If people are struggling to pay off their debts, there are a number of options to them. One is a debt management plan, as this measure can help them reduce their repayment plans and they will typically be able to freeze any interest on the amount owed.

Andy Forbes, head of products at First Direct, stated: "Against a backdrop of inflation running higher than average wage increases, it's great to hear that people are positive about their finances and have fewer financial regrets. It seems that they are focusing on reducing their debt and increasing their savings.

"It's always a good idea to plan ahead, as good organisation can help pay off debts more quickly and increase disposable income to help save for all those little treats."

Statistics from the survey point to the fact that people seem to be taking the issue of debt more seriously. In 2010, 37 per cent of respondents were sorry they have not paid off more debt, this dropped to 33 per cent 12 months later, but fell dramatically to 23 per cent in 2012.

However, it still means more than one-fifth of individuals regret their failure to tackle their debts.

By James Francis