Brits improve financial management skills

Published on

27 million (57%) British banking customers are more confident about how they manage their finances than previously, according to a new survey from Lloyds TSB.

British consumers appear to be emerging from the depths of the recession with enhanced financial insight. The latest research shows how consumers are taking more control of their finances, as 32% are more in control than in previous years.

Of those surveyed, 52% has at some point used an overdraft in the past, although the trend seems to be diminishing 46% use their overdraft a lot less now than in previous years and 34% have not used their overdraft facility in at least one year.

The financial crisis has contributed to money management improvements for over six million consumers, whilst over one million people feel the tools provided by their banks have contributed to enhanced financial control.

Jatin Patel, Lloyds TSB said: “We are always looking at how we can help consumers take control of their finances. Tools such as free mobile banking and text alerts have been well received by our customers. Since the service became free there has been a two fold increase in the number registrations.

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Ireland boosts Help to Buy as UK prepares new first-time buyer scheme

Ireland has increased the maximum support available to first-time buyers under its Help to...

Reeves ranked least successful of five recent chancellors in poll

Rachel Reeves has been rated the least successful of the past five chancellors in...

Teachers for Intermediaries raises new-build LTV limit to 95%

Teachers for Intermediaries has increased its maximum LTV on new-build houses and flats to...

Cambridge BS opens applications for deposit-building Rent to Home scheme

The Cambridge Building Society has opened applications for its Rent to Home property in...

Life changes could create new wave of accidental landlords

Changes in personal circumstances rather than investment plans could push more homeowners into the...

Latest publication

Other news

Ireland boosts Help to Buy as UK prepares new first-time buyer scheme

Ireland has increased the maximum support available to first-time buyers under its Help to...

Reeves ranked least successful of five recent chancellors in poll

Rachel Reeves has been rated the least successful of the past five chancellors in...

Teachers for Intermediaries raises new-build LTV limit to 95%

Teachers for Intermediaries has increased its maximum LTV on new-build houses and flats to...