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- Mon 13th Jun 2011
Brits 'in need of financial workout'
Tue 8 Jan 2008 2pm
The majority of people in the UK would benefit from making changes to almost every aspect of their financial situation, a new survey has claimed.According to Abbey, 99 per cent of the population is in need of a "financial workout" for 2008, involving changes to their savings, mortgage, insurance products and credit cards.
Researchers from the bank gave British consumers a score out of 100 for their "financial fitness", taking into account the products they hold, the competitiveness of these services and how often they shop around for better deals.
The average score was 43, suggesting that many people should take the start of the new year as an opportunity to review their personal financial performance.
Commenting on the results, director of banking at Abbey Steve Shore said: "Less than a third of people score less than 30, which suggests that the majority of the population could do with a financial workout.
"But with so many deals out there, it really needn't be strenuous."
A previous study by Abbey found that more than three billion Brits are planning to switch balances on their credit cards in the early stages of 2008.
