Brits have been encouraged to implement a debt management plan in order to become more “money savvy”.
The Fair Investment Company has offered advice on how to survive the economic slowdown, stating that although people are often reluctant to work out a budget, doing so can provide satisfaction and help to control household income and outgoings.
Spokesperson Daniela Gieseler remarked: “There are a number of things you can do to practice damage control and limit your financial fallout … such as cutting back to save pennies where possible and practicing good money management.”
One method suggested by the firm is carrying out debt consolidation through a zero per cent interest deal.
Meanwhile, the significance of money management was highlighted by an event held by the Institute of Financial Planning and sponsored by Defaqto in early September.
Head of insight at Defaqto Brian Brown said that the issue is often neglected by consumers.
By Jamie Price