Brits ‘fail to review finances’

A quarter of Britons see money as the thing that makes them most happy in life, a new study reveals.

According to research by Picture Financial’s Happiness Index, some 26 per cent of consumers rank their finances above the likes of work, food and the weather.

However, despite coming fourth behind health, laughter and loved ones, about 1.8 million claim that they never review their finances, which could impact upon their attempts at debt management and ability to make loan repayments.

Meanwhile, about eight million Britons looked over their monetary situation about once a year.

Marketing director Julia Dallimore said: "Keeping a track of our incomings and outgoings and being clear about what we want to achieve with our money management can also make a real difference to our bank balance."

The study also indicated that 16 per cent (7.5 million) of consumers do not understand terms and language associated with financial products such as personal loans.

Earlier this month, Jon Bartman from Money, Debt and Credit, wrote on the BBC that Britain faces a "debt epidemic" as the country increasingly struggles to make repayments on personal loans and other forms of borrowing.

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