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Brits 'need a financial workout'

Brits 'need a financial workout'

The number of British people in need of a "financial workout" accounts for 99 per cent of the population, one bank has said.

Statistics released by Abbey have shown that most people need to reassess their finances. The proportion of people with savings that will last them for the next three months only amounts to 34 per cent, while four per cent of people do not have home insurance.

The most financially "fit" UK regions were found to be Wales and the south-west, whereas the north apparently suffers from more financial ill-health, as many people have uncompetitive mortgage rates.

Half of the population regularly review their mortgage, the research found, with 21 per cent failing to shop around before renewing their home insurance.

Abbey director of banking Steve Shore commented that people should begin their workout by assessing their bank account interest rate.

"The majority of the population could do with a financial workout. But with so many deals out there, it really needn't be strenuous," he said.

Over three million credit card holders will be switching their plastic this new year to shift nearly £9 billion worth of balances, according to Abbey.
© Adfero Ltd

07/01/2008 14:38:28

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