Tuesday 7th of April 2009
The recession has prompted Britons to take more care over their finances, according to a poll.
Norwich Union found that debt management is becoming increasingly important, as 35 per cent of people focus on paying off what they owe.
A similar proportion is attempting to stop relying on credit, while 44 per cent of respondents said they are now setting a budget.
Anthony Rafferty, head of investments at the insurer, welcomed the fact that debt management is being addressed, as well as news that 75 per cent are being more careful with their money.
"It’s no surprise that people are feeling the pinch of the recession, yet what is encouraging is that some people are actually developing sound financial habits as a result," he remarked.
Norwich Union also revealed that one-third of Brits believe paying off debt is more important than saving.
Trevor Williams, UK chief economist at Lloyds TSB, recently suggested that low interest rates have encouraged people to reduce what they owe rather than save.
