Brits urged to budget better

British consumers have been urged to budget more effectively to avoid financial struggles at the end of each month.

Research by Abbey shows that the majority of adults in the UK face a financial squeeze in the few days before being paid and the banking group is keen to see consumers avoid these kinds of difficulties.

Around ten per cent of Britons borrow money from their family to make it through to payday, while around a quarter add to their credit card debts to survive as the cash in their current account dwindles.

Steve Shore, head of banking at Abbey, said: “A staggeringly high number of people regularly fail to budget effectively each month and end up running out of cash before their next pay cheque.

“With Christmas almost upon us, it’s especially important that people budget carefully during December’s party season to ensure they don’t run out of cash this party season.”

The UK’s payments association recently predicted that two-thirds of the country’s Christmas spending will be carried out using plastic cards.