Most UK adults are ‘actively managing their money’

More than 90 per cent of UK adults are actively managing their money in an effort to stay out of debt.

This is according to a survey by Standard Li…

More than 90 per cent of UK adults are actively managing their money in an effort to stay out of debt.

This is according to a survey by Standard Life, which found that Britons are going out of their way to become more financially efficient. As well as using money-saving deals, individuals are also setting up budgets and reviewing their utility bills.

In the last year, the top three measures that people have taken up for the first time are; setting up a weekly or monthly budget, avoiding running up debt on credit cards and store cards and selling items they no longer need online.

People should be applauded for taking a proactive approach to their finances, as it means they understand the importance of looking after their money. Among the tactics being adopted by consumers are; making the most of loyalty cards, paying off credit card debt in full every month and regularly going online to seek out the best deals.

Standard Life's Julie Russell stated many Britons are now doing everything they can to "effectively manage costs".

"We also need to make our money work harder when we're saving or investing. If we want to be better off, that's where the opportunity now lies, although when interest rates are low and inflation is relatively high, it's quite a challenge to see our money grow in real terms," she added.

Women (34 per cent) were found to be the most likely to budget and try to control their spending, compared to only 28 per cent of men.

This is backed up by the Halifax Savings Barometer, which found that females have a savings balance that is 41 per cent of their average annual gross earnings – males only recorded a balance of 23 per cent.

It demonstrates how ladies are showing a savvy side with their finances, as they do not want to face any debt problems further down the line.

By Joe White

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