Consumers savvy with their money, finds poll

According to CreditExpert, which carried out the study, 51 per cent of Brits say they are always in control of their personal finances and make every penny count, while 41 per cent know they should invest their money but are occasionally careless with their finances.

Some seven per cent admit to being poor at managing their money and tend to use it without thinking about how much they spend.

Managing director Jim Hodgkins commented: “It’s encouraging to see that the majority of Brits claim to be financially savvy and careful with how they spend their money.”

He added that “it pays to keep tabs on your credit status, whatever your financial traits, as your behaviour and any decisions made now can affect your future borrowing power”.

Although these findings paint a generally optimistic picture of Britain’s finances, most experts are agreed that the country’s debt crisis is spiralling out of control, with personal debt now standing at around £1.25 trillion.