Brits' spending habits 'need to be changed'

Many people need to adjust their spending habits in order to start saving more frequently, it has been said.

uSwitch.com recently found that 11% of Britons spend more than they earn, marking a 12% increase when compared to 2008.

Furthermore, 15 million consumers (31%) are now worse off than they were last year as a result of unregulated spending.

Ann Robinson, Director of Consumer Policy at the site, said: "Short-term debt solutions may be an easy way to fund spending but they can lead to severe debt issues if not managed properly."

She highlighted that people are finding it difficult to stay afloat at the moment, so called on the government to take measures to protect them.

Scottish Widows recently discovered that more than half (56%) of Britons have failed to meet or exceed their savings objectives over the past 12 months.

Posted by Martin Ellis