Brits intend to ‘save more’ in 2008

Half of all Brits plan to save more money next year and 40 per cent intend to manage their finances more carefully, it has been reported.

Research by Bradford & Bingley has found that a further 38 per cent intend to spend less money and 26 per cent want to reduce their debt during 2008.

Interest rates were the most commonly cited financial concern, with 37 per cent claiming to be wary of how any increase will affect their financial situation.

Paul Whitlock, head of savings at the bank, said that the previous trend of “carefree spending” is likely to cease in Britain.

“With unsecured debt at record levels and the credit crunch likely to bite well into next year, this battening down of the hatches is a prudent move as we move into 2008,” he added.

The Bank of England reduced the base rate by 0.25 per cent this month, the first reduction since August 2005. It now stands at 5.5 per cent.

© Adfero Ltd

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