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Brits told to escape "money fear"

Too many UK consumers are living in a state of "money fear" and failing to take responsibility for their finances, new research has suggested.

According to a survey by Sainsbury's Bank, 2.8 million Britons are currently suffering from the condition, which sees people purposefully ignore their financial situation because they are worried about money.

The bank has warned consumers that failure to monitor balances and bank statements can lead to problems further down the line, advising people to plan their finances carefully and only select the products that are best tailored to their needs, such as the most suitable personal loan.

"Our advice to people suffering from this condition is not to put your financial management off – problems can arise if you don't keep an eye on things," said Kevin Barrett, head of channels at Sainsbury's Bank.

"Take control of you finances now, look at your expenditure, plan your budget and by all means seek advice or counselling if you need to," he added.

An increasing number of Brits are using low-cost loans to deal with unexpected bills, a survey by Abbey revealed last week.

See how much you could borrow when you apply for a loan with Lombard Direct.

25/06/2007 17:04:45

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