Home » Finance » Loans

Consumers Should 'Take Control' Of Finances

Feb 27, 2008
Monetary pressures could hamper Valentine's Day spending for many people, new research suggests.

A study by uSwitch reveals that some eight per cent of Britons - around three million - cannot afford to splash out on gifts for February 14th. Statistics released by the price comparison website also shows that the average consumer will splash out 23 pounds on their significant other. Meanwhile, men are set to spend twice as much as women. Males, the price comparison website indicated, will have an average expenditure of 30 pounds, in comparison to 15 pounds by females.

It is also revealed that just over one million consumers will splurge between 101 pounds and 200 pounds this February 14th. Meanwhile, 300,000 Britons are to "really push the love boat out", spending between 201 pounds and 400 pounds. And while many Britons will not go away for Valentine's Day, an estimated 31 per cent are to head abroad for a romantic excursion.

Those looking for a competitive way to finance the Valentine's Day present of a lifetime or a holiday abroad may wish to consider getting a cheap UK loan.

Furthermore the biggest spenders appear to be from London and the West Midlands. An estimated eight and seven per cent of consumers living in such regions respectively are to splash out more than 100 pounds. Research from the firm also indicated that young people are likely to spend the most money in the build-up to the big day. Consumers between the ages of 18 and 24 are set to splash out an average of 39 pounds. In comparison, more than half (52 per cent) of the over-55s plan on not spending a penny, with the typical expenditure for those in this age group coming in at 15 pounds.

Ann Robinson, director of consumer policy for uSwitch, said: "Valentine's Day is traditionally a time to splash some cash, but with consumers tightening their belts this year romance may be in for a rocky ride. However, even in cash-strapped times I'd be surprised if there are very many people who would actually prefer to be huddled under an umbrella in Southend than sunning themselves on the beach in Dubai. While it is great news that consumers are reining in on spending, they are in danger of missing a trick. Consumers can spend more of their hard-earned salaries on the nicer things in life, such as treating their loved one, if they take control of their finances."

She pointed out that by taking the time to get the most competitive deals on various financial products and offers consumers could save up to 1,500 pounds. Such a figure, it was suggested, should be more than capable of helping people to bring back some romance into their lives.

Whether it is to help finance Valentine's Day gift expenditure or supplement spending over 2008 as a whole, a low-rate loan could prove to be of assistance. Earlier this month, it was suggested that the availability of cheaper loans is increasing after Moneyfacts pointed out that the first few weeks of this year had seen a number of lenders reduce rates on personal loans. Among those implementing cuts were Alliance & Leicester which had cut the amount of interest on a UK personal loan of between 2,500 pounds and 4,999 pounds from 14.9 per cent to 12.9 per cent. Meanwhile, Barclays has lowered interest on loans of 5,000 pounds to 7,499 pounds by three percentage points to 9.9 per cent.
About the Author
Abbi Rouse is Editor in Chief for All About Loans. Our visitors have access to homeowner loans of all types: From self employed loans to bad credit tenant loans.
Rating:
Please Rate:
(Average: Not rated)
Views: 234
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources