Consumers ‘fail to learn lessons’ of the recession

Individuals could be risking debt worries by not learning lessons from the recession, new research has suggested.

A study carried out by Clydesdale and Yorkshire Bank found that 81 per cent of people in the UK have not let the credit crunch affect their life plans for 2010.

It revealed that major events, such as weddings, starting a family and setting up a business had not been put off due to the economic crisis.

Moving home appeared to be the only important decision that has been delayed, with 41 per cent of those in their twenties choosing not to change the place where they live.

Almost two-thirds of those questioned said they were going to push ahead with plans for general expenditure, such as going on holiday.

Liberal Democrat shadow chancellor Vince Cable recently remarked that people are still worried about their financial situation because of uncertainty regarding the economy.

By Joe Shervin