Financial difficulties have been affecting many people in 2011 and recent research from the bank First Direct have shown that nearly half of survey respondents were less happy about their financial affairs in 2011 than they were in 2010.
This is the second year that the bank has conducted such a survey and it also looks at what people’s biggest financial regrets over the past year were. The survey showed that most people regret not saving enough money over the course of the year and over 50 percent of people stated that not saving was something that concerned them.
Many individuals have been working to improve their credit ratings by limiting their debts and operating their personal finances in a more disciplined way. The survey also showed that many people were not good at keeping up with bill payments which can negatively affect their credit rating.
Nearly 70 percent of people surveyed stated that they were not happy with the way they spend money, which is a significant increase on the number of people felt this way in previous years.
The head of savings the first direct is Bruno Genovese who stated, “Long-term financial planning is very important as good organisation can help you reduce the amount of money you owe. People should also make sure that they save a reasonable amount of their disposable income.”
Christmas is a time when people spend irresponsibly and advice has been offered by Moneynet.co.uk that people start setting money aside early in the year so that when Christmas arrives they have enough money for expenses without having to go into credit card, or other forms, of debt.