Brits look to ’spend instead of saving’

Britain has a "buy now, think later" attitude to spending, a new study reveals.

According to research by IFA Promotion website Unbiased.co.uk, some 7.5 million Britons only think of their short-term financial situation.

Meanwhile, about 3 million claim to make purchases based solely on desirability rather than considering if they can actually afford to do so, which could impact on future attempts at debt management.

Chief executive David Elms said: "This year’s research into the nation’s propensity to save shows some improvement, but it is disappointing that we still define ourselves as a nation of spenders rather than a nation."

He added that young people refuse to acknowledge the need to "budget and save for the long-term".

The study also revealed that a minority of Britons, about 1.5 million, "lead the way in financial awareness" as they take up interest-free credit cards and look to minimize their personal loan borrowing.

Earlier this week, Consumer Direct warned consumers against buying large items of furniture on impulse, as should they find themselves unable to fit it through their doors they may not receive a refund.

Interfinancial providing you with breaking debt management news.