Better financial management 'important for consumers'

Consumers should be doing more to manage their finances effectively, it has been claimed.

John Hughes, director of retail products at the Co-operative Bank, said a little bit of effort "can pay quite a lot of benefit to customers".

He claimed that if people monitor products such as their current and savings interest accounts, they may realise that better options are available.

Mr Hughes said many consumers wrongly believe that service, overdrafts, fees and charges are the same with all accounts.

"One of the things we try to promote at the Co-operative Bank is to recognise that current account switching, in particular, is something that customers should be more mindful of," he stated.

"[They should] have more confidence in being safe and secure and a sensible thing for them from time to time to do."

Last week, Joanna Elson, chief executive of the Money Advice Trust, claimed that people have become increasingly cautious about borrowing and spending since the recession.

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2010-05-17 08:21:04 © Moneyextra.com