Spending time on finances ‘can save time spent in debt’

Research from Axa suggests that about a third of Britons refuse to plan their finances at all, with those who do look at them only spending five minutes a week doing so.

The provider states that by increasing time spent reviewing finances to 15 minutes, people could save thousands of pounds in the amount of debt they have.

Steve Folkard, spokesperson for Axa, commented: “There is a direct correlation between the amount of time people spend on their finances and how much they save.”

“Our research shows that it’s not until people start to spend around an hour a month on planning and reviewing their money issues that they really see their savings pot grow,” he added.

The news follows suggestions from Citizens Advice that people in debt should tackle their finances head-on and not avoid them.

Liz Revely, specialist services manager at Citizens Advice, said that those who have overspent over the Christmas period should seek specialist help.