Thursday, September 17, 2009
Category:
Consolidation
According to new research conducted by NS&I (National Savings and Investments), the recession has resulted in 63 percent of the population becoming more financially savvy. Of these, 48 percent are reported to know precisely how much money is sitting in each of their accounts. In relation to the entire population, this applies to 46 percent. An additional 33 percent know approximately how much money they have in their bank account and savings – give or take £50.
Findings indicate that age and gender have an effect on whether or not people are fully aware of their financial situation. It was found that 60 percent of over 65 year-olds know exactly how much money resides in their current and savings accounts, compared to 38 percent of 16 to 24 year-olds and 41 percent of 25 to 34 year-olds. The research also uncovered that 50 percent of women are sure of their financial circumstances, compared to 41 percent of men. Furthermore, the research revealed that those who are married or co-habiting are more aware of their finances, with 45 percent knowing exact figures. In contrast, 39 percent of single people can boast this.
Senior savings strategist at NS&I, Dax Harkins, commented: "To be in control of your finances it's really important to keep track of your money and to make sure that it is invested in a savings account which suits your individual needs. Setting aside a few minutes a week is all it takes to review your money situation. From this point you can assess your incomings and outgoings, identify opportunities for savings and make your money work as hard for you as possible."
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Homeowners who are looking to re-organise their finances could consider taking out a secured loan to tie any existing debts up into one place. One of many finance options available, a secured loan for debt
consolidation could allow the borrower to change multiple monthly repayments to just one. This single monthly repayment could even be lower than current outgoings, thus freeing up useful money each month. However, when considering a secured loan for debt consolidation, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
