UK budgeting ‘must improve’

Many Britons face debt management issues as they do not know how to budget properly, an expert has claimed.

Writer and founder of consumer website Moneymagpie.com Jasmine Birtles condemned the level of financial education in Britain, stating that many are poor at money management “really because we haven’t been taught how to do it”.

Some people do learn good financial management techniques from their parents, she observed, but added: “Most people have no way of learning it until they do it through being horribly, horribly in debt”.

She went on to argue that debt management issues should be among the first things people seek to sort out, with the leading priority being money owed on credit cards.

Ms Birtles remarked on the matter after a survey by the Financial Services Authority found that 14 per cent of Britons admit to not having a budget.

Of the 86 who claimed to watch what they spend, one in seven admitted that this was no more than a mental note.

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