New Year sees Brits regret financial decisions

Published on 1 January 1970 by Raffick Marday

Research by First Direct has found that many Brits are unhappy with the financial decisions they made last year, with the vast majority regretting their failure to pay off debts or increase their savings.

Of those asked, 82% stated that they were unhappy with the level of debt they had on either credit cards or loans, with the failure to make repayments on these being one of the biggest regrets for 2011.

More than one quarter of respondents placed not paying off debts as their main regret, demonstrating how personal finances dominate our concerns.

Other financial concerns voiced by those involved in the poll included worries about personal savings and pensions, overspending during Christmas and being unable to afford a property.

Providing consumers with a silver lining to this dark financial cloud, Bruno Genovese, the Head of Savings at First Direct, emphasised that now is the perfect time for Brits to make changes.

“January is the perfect time to get your finances in order and start 2012 as you mean to go on” he explained, stating that “good organisation can help you pay off debts more quickly.”

This means that if Brits make the necessary changes to help pay off debts quickly then they will be left with fewer or no financial regrets come 2013 – with Genovese naming “increasing disposable income for savings and allowing your money to work for you more effectively” as two major benefits of speedy debt repayments.

Managing your debt from the start is therefore the best way to begin 2012 and there are plenty of products which can help you to do this.

Prepaid credit cards are just one example, offering individuals access to vital funds whilst reducing the chance of further debts being amassed.

These cards could help Brits to sort out their finances at the start of the year, giving them the best possible foundation for a financially fruitful future.

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