99% Britons ‘financially unfit’

Only one per cent of Brits are in “peak financial condition”, according to a new study.

Research by Abbey rated individuals’ financial condition on a score of zero to 100, where zero is financially fit and 100 is financially obese. It analysed the number of financial products an individual has, the competitiveness of these products and how often they shop around for a better deal.

The bank found that the average person is 43 per cent financially overweight, with uncompetitive mortgage rates being the biggest factor.

Sue Hayes, director at the bank, said that it is clear that many people need a “financial workout” and should shop around for the most competitive deals available to them.

“Like exercise, a financial workout can take a bit of effort but for most people the rewards are well worth the exertion,” she commented.

The study revealed that on average, men were five per cent fitter in financial terms and that the most financially obese area of the UK was the north of England.

Consumer body Which? recently urged people to shop around for credit card deals, as a number of fee and rate increases have “crept in” to the market.

© Adfero Ltd

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