Consumers 'taking more notice over finances'

People have been made to sit up and take notice of their finances, as a result of the economic downturn, it has been claimed.

Phil Perry, director of ARK Financial Planning, said more people are looking to get the best out of their savings and investments, based upon the issues that have arisen over the past 12 months.

"People haven't had money to fall back on, and I think there is a major concern about being stuck in a situation that ultimately results in having to increase borrowing," he said.

He noted that people are not just saving for a rainy day, but also attempting to reduce their monthly outgoings.

"People are trying to save in more ways than one", he noted, referring to payments on gas, electrics, car and home insurance.

Mr Perry added: "I think people in general are being made aware that there is much more to saving than just sticking it in a bank or building society."

Savers hoping for better interest rates were disappointed earlier this month when the Bank of England chose to freeze its base rate at 0.5 per cent.

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2010-06-28 10:35:44 © Moneyextra.com