FSA provides online support for post-Christmas budgeters

by Gill Montia

Story link: FSA provides online support for post-Christmas budgeters

The Financial Services Authority (FSA) has published the results of a seasonal survey in which 48% of respondents admitted that, come January, they are more likely to go on a diet or book a holiday than attempt to sort out their finances.

Only 13% of those surveyed were dedicated to the task, despite the fact that 24% of the 16 to 44-year-olds questioned were worried about the bills that will be arriving in the New Year.

Fifty-eight per cent of respondents either couldn’t put a figure of the cost of this Christmas, or had knowingly overspent. Twenty-three per cent used loans or credit cards to finance the festive period.

However, help is at hand because the FSA is publishing a Moneymadeclear guide that will be available free of charge to anyone in need of impartial information about managing their personal finances.

The FSA’s Director of Financial Capability, Chris Pond, admits that: “Sorting out your budget isn’t the most interesting thing you will do after Christmas”.

At the same time he believes it is worthwhile because: “The consequences of not managing your money properly can be devastating. If you don’t make payments on time it can affect your credit history and at worst put your home and even relationships under pressure”.

The Moneymadeclear guide provides tips for keeping a budget under control and an online calculator to help people establish exactly is left after the bills are paid.

The website, moneymadeclear.fsa.gov.uk, also contains answers to frequently asked questions about price comparison websites, debt consolidation and individual voluntary agreements.

Meanwhile, research from Abbey shows that three million UK credit cardholders are planning to move around £8.99 billion to new credit card accounts in the New Year.

Cardholders will be switching an average of £2,666 in the first three months of 2008 and respondents aged between 35 and 44 years are the group most likely to be taking advantage of balance transfer deals.