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Brits ignoring money easing options

Tuesday July 9th 2013

Although the economy may finally be showing signs of recovery, 41% of Brits feel they are worse off financially than this time last year, but they are doing little to help themselves, according to new research.

The age group 45-54 are the most concerned about their finances, according to the Gocompare study, with 49% saying they feel worse off than this time last year, although one in five (20%) of Brits overall, admit to being seriously worried about finances.

Money running out before the end of the month was a familiar scenario for 21% of UK adults, while 5% admitted to considering a pay day loan, and 6% are dependent on credit cards for essential purchases.

Despite the continuing financial concerns, however, the study also revealed that consumers are not tuned in to what options are available to them. Nearly half (49%) of those questioned admitted they hadn't changed any of the ten most popular financial products for alternative deals in the last 12 months. Furthermore, 19% of consumers, which amounts to nearly 9.5 million people, have never looked to switch a product for a better deal.

Gocompare's Claire Peate said that while Brits are feeling the pinch more than ever, there is a lot that consumers can do to stretch their household budgets.

Copyright Press Association 2013

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