bestloans.co.uk Articles

When it comes to making an important financial decision British males rule the roost, or so suggests a new report.

A recently issued report, prepared by a leading UK bank has revealed that more than half of all men within the country state that they have the final say when it comes to making a major monetary decision. It has also been found that close to 7% of women, have the final say, when deciding on the value and term of a personal loan.

With regards to the way in which money is allocated towards grocery shopping versus the purchase of luxury personal items, a greater percentage of women are found to take control of the financial reigns, with more than 40% of females dictating the household budget, faired against a meagre 4% of men. A remaining 56% of people stated that they made a joint decision in respect of their household spending.

Demographically, young married and co-habiting couples tended to share their financial responsibilities a little more than the older generations, with close to 60% of people in their mid 20’s to early 30’s stating that they almost always deferred any financial decision to their partners first.

On the whole, Britain as a nation is certainly becoming more aware of its financial responsibility, hence the increased number of people who are actively discussing their finances with their partners.

Women are far more likely to seek help and advice with the potential state of their long-term financial health than men, suggests a new report.

According to a representative from one of the countries leading financial management firms, in their experience, women will only ever approach a specialist or pursue expert advice from an IFA, if they feel that the condition of their finances, as a whole, has taken a turn for the worst. Men on the other hand, are far more prone to seeking independent help, should a specific part of their financial makeup show signs of requiring attention.

In essence, women express a greater concern with regards to the actual way in which they should be managing their finances, where as men are looking for an actual solution to an evident problem.

A spokesperson for the firm commented that the need or desire for women to obtain professional financial guidance, often stems from a specific scenario in which debt was unnecessarily accumulated. This in turn, causes the vast majority of women to re-review their entire financial position, with the overall intention of streamlining their income to outgoing ratio.

In related news, it has also been revealed that men are more likely to require professional assistance with the bettering of a serious financial blunder during their lifetime, than women.

British consumers amassed a mammoth £80 billion in loans, credit cards and other credit products throughout the course of 2007, suggests a new report.

One of the UK’s leading financial trends websites has revealed that people within the UK borrowed approximately 50p for every pound that was saved in 2007, representing an increase of approximately 10% faired against the year previous.

The study also reveals that although gross borrowing had increased to a record high for the 12-month period, gross savings had also increased, with Brits reserving short of £150 billion through savings accounts, bonds and ISA’s.

Commenting on the findings one IFA stated that although consumers were certainly more eager to save their hard earned cash during 2007, the level at which loans and other credit products were acquired, and even the individual amounts which had been borrowed, still remains something of a concern.

The British public need to start taking a more responsible approach to buying credit, especially when you consider the number of people who are collapsing under the weight of their personal debts. The trick is for consumers to strike a balance between the act of saving their money, and spending it through credit.

The Bank of England has revealed that the national base rate of interest will remain static at 5 ¼ percent, to be re-reviewed at the MPC’s next meeting.
 
In the run up to the meeting, financial analysts throughout the country have suggested that the outcome would be a non mover, stating that tackling the inflationary factors which are affecting a rise in current household bills would be more of a priority for the committee.

In response to the news, a spokesperson for a UK based banking and savings institution commented the MPC’s decision to hold the base rate at its current level, further supported the theory that the UK’s economy is slowing down. The representative went on to say that it was almost a certainty for the BOE to continue to reduce interest throughout the course of the year, in an attempt to counteract negative economic change.

In other news, gross borrowing across all aspects of the credit industry is believed to be down, with personal loan providers reporting a 20% drop in demand since the start of the year.

British borrowers, who have been refused mainstream credit due to a national tightening of lending criteria, have been advised to avoid high interest products as an alternative to cheap rate consolidation loans.

One of the UK’s leading price comparison sites has revealed that some 10% of borrowers are deferring their debt consolidation requirements to high interest credit card providers, as concerns over their ability to balance regular credit commitments turns to desperation.

Individuals who have over indulged on credit over the past few years, and who would have otherwise pursued a low cost consolidation loan to control their debts, are now discovering that limitations within the loans market are leaving them in something of a hairy situation.

Commenting on the findings, a spokesperson for the site suggested that a percentage of British borrowers feel that they have been left with little other alternative than to use high interest credit cards, as a means to meet the demands of their other credit commitments. We have also recorded instances in which people are using credit cards, to clear the balances of other credit cards. As a by-product of this trend, we expect there will be quite a sharp rise in the number of people contacting consumer advice bureaus over the coming months, seeking help with regards to keeping their finances afloat.