UK Money News
28th December 2007
FSA provides 2008 help with finance advice
Many consumers in the UK are too scared to open their bills in the wake of the Christmas splurge, it has been claimed.
According to new research conducted by the Financial Services Authority (FSA) the Christmas spend impacts on shoppers' personal finance situations to such a degree that they are unwilling to face the consequences in January.
Data from the organisation suggests that almost six in ten people either do not know how much Christmas costs them, or are aware of available funds but overspend anyway.
Chris Pond, FSA director of financial capability, warned: "Sorting out your budget isn't the most interesting thing you will do after Christmas, but it could be the most important.
"The consequences of not managing your money properly can be devastating."
He added that the FSA has produced a guide - Moneymadeclear - in an attempt to provide help with finance advice to those struggling in the wake of the festive season.
Meanwhile, research carried out by Nationwide Building Society reveals that savings are the top of the list of personal finance concerns for Britons as the country looks towards 2008.
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