Brits have recently been warned by one financial expert that they need to keep a closer eye on their current account outgoings in the current economic landscape.
Online resource Moneynet’s spokesman, Andrew Hagger, said that Brits need to take steps to ensure they keep tabs on all of their household expenditures in order to maintain an even keel on their personal finances. In the wake of the worldwide economic recession, many British families have found it tougher and tougher to make ends meet as a result of interest rates falling to historic lows and high inflation ravaging the balances of the nation’s savings accounts.
In a move that has only exacerbated an already tenuous situation, a large number of consumers have seen wage freezes even though the cost of living has continued to increase, leading to the stretching of their finances even more. However, Mr Hagger said that, despite these struggles, it is still a smart move to deposit small bits of cash away in savings products, as this can provide savers with a solid financial foundation for the eventual future.
Recent industry research found that around 35 million people in the UK – which is nearly three out of every four adult Brits – has concerns about their personal finances. Mr Hagger insisted that saving is still a possibility even in the face of such statistics, provided that savers balance their short-term comfort against turning their thoughts to the future.
The Moneynet spokesman said that Brits need more awareness on what they’re spending on essential items, such as heating, mortgage, and food, before working out what they have left over. Putting even a small fraction of the left over cash into a savings product is a step in the right direction, he added.