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New Year's day most miserable for finances

15 December 2010

In Brief:
"Britons are expected to hit their lowest financial ebb on 1 January, also known as "Black Saturday"

Taken from FT Adviser, 14 December 2010. Click here to view in full.

FRP Advisory comments:

The UK has huge levels of unsecured personal borrowing – at some £216 billion – and festive spending will only contribute further to this. Indeed, more than half of households holding unsecured debt find it a burden, according to the Bank of England, and are struggling with it more today than in 2009.
 
Debt worries will be made worse by the VAT increase on 4 January, as shoppers make purchases in 2010 they may have otherwise delayed.
 
We need to develop more financial awareness from an early age, to encourage greater responsibility towards credit and debt. I applaud steps being taken towards introducing financial education into schools, to help ensure that the next generation of consumers do not face these problems as well.
 
Charles Turner, partner, FRP Advisory

 

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