Feb 18 2008
Millions of people around the UK are planning to set aside more of their earnings into a savings account in the coming months as part of a financial makeover, according to recent research.
Figures from Friends Provident have shown that a third of all Britons are looking to improve their personal finance situation in the wake of the credit crunch and for some this could mean saving for children more regularly.
Additionally, around 15 per cent of those who are looking to completely reassess their finances intend to cut down on their social spending and a tenth plan to find a better paying profession.
"The credit crunch is already impacting on consumers, both financially and psychologically," said James Ward, director of marketing at Friends Provident.
"Our research found that 40 per cent of people are worrying more about their finances because of the credit crunch," he added.
Data from the Tax Incentivised Savings Association has recently shown that parents around the UK have been increasing their level of contribution to child trust funds opened on behalf of their children.
