According to a reputable British investment firm, UK consumers are believed to have saved almost £40 million during the second half of 2007.
However, what on the surface can be viewed as a huge plus for the UK economy, it is also noted that consumer debt is still at record levels. It is thought that although a large percentage of consumers are actively investing any spare funds into ISA’s and Bonds, there are still huge numbers of people who either refuse to save or are making extremely poor decisions, with regards to sourcing personal credit.
An industry analyst speculated that many Brits appear to be confused when it comes to managing their personal finances. On one hand, we can clearly see that the importance of saving has been firmly instilled into the conscience of many people, however, it would also appear that the same people are over committing on personal loans, credit cards and store credit. As a result, all of their sensible financial decisions are effectively cancelled out by acts of over indulgence, with regards to credit acquisition.
In related news, the Government has recently announced that it intends to allocate additional funds to the school curriculum, in order to provide students with comprehensive credit management skills. Consumer groups have expressed their delight at the news.
