European Recession Personal Finance Survival Guide – Make the smart moves

Global financial turmoil would always take its toll on the personal finance prospects and habits of UK consumers and evidence has highlighted just how much we’re changing the way we at least aim to manage our money.

The British economy managed sluggish growth at best throughout each of the past few quarters and with the state of the Eurozone’s finances seemingly in something close to constant turmoil it is hardly surprising that UK consumers are growing concerned. On the level of personal finance, that concern is in large part being channelled into efforts towards paying off credit card bills, adding cash to savings accounts where possible and generally keeping a closer eye on spending habits.

Pensions and setting aside enough money in savings to afford a comfortable retirement are also being brought more sharply into focus by tumultuous global events, especially among Britons in the over-55 age bracket, according to the non-profit provider of financial advisory services Unbiased.co.uk. Research by the group found that a relative or perceived lack of savings and pension funds currently tops the list of concerns among UK consumers, with those concerns having risen among 47 percent of people during the six months to November 2011.

A growing number of parents around the country are worrying about their capacity to save money for their children’s futures while paying the mortgage is a concern among a larger proportion of the Britons polled in November compared with May of this year. People aged between 18 and 34 are among those most likely to be fretful about their current mortgage arrangements, according to Unbiased.co.uk’s findings.

Kevin Barret, the organisation’s chief executive said: “Given the economic climate over the last few years, financial planning should be at the forefront of everyone’s minds. Careful planning could make a real difference to both your current financial situation and also securing your future.”

As ever, the key message from the experts is to seek out the best and most independent advice you can find when it comes to figuring out how best to proceed with your personal finances, whether in the context of taking out a loan, paying off credit card debts, renewing your mortgage deal or finding the most effective ways to save money.

Tags: finance, money advice

Category: Advice, Banking, Finance, Loans, Money