99 percent of brits would benefit from financial workout

Only 34% of Brits have economy to see them through the next three calendar month. Only half of the population regularly reappraisal their mortgage. Twenty one per cent of people last renewed their home insurance without shopping around and four per cent don’t have home insurance at all.

These shocking statistics are drawn from a subject study of financial fitness, released from Abbey, disclosure that a massive 99% of Brits could do with a financial workout. Just one in 100 Brits manage all facet of their finances well. The research from Abbey looked at the personal finance behavior of Brits and gave them a score according to the financial products they hold, the fight of these merchandise and how often they shop about for good deals. The merchandise assessed in the study were bank business relationship, mortgages, economy, insurance and recognition cards. A lower score indicates better direction while a higher score means room for improvement.

The norm score for the UK population was 43, with women returning an norm score of 46 whilst men scored a leaner 41. Women were weighed down by a figure of factors:

• 31% have not got their mortgage at a competitive rate.
• 25% have not shopped around for insurance products.
• 70% have either no economy or only sufficiency to maintain their criterion of life for less than three calendar month.