The research from Abbey has analyzed the personal finance behavior of Brits and rated their overall fitness according to the financial products they hold, the competitiveness of these products and how often they shop around for better deals. The products assessed in the study were bank accounts, mortgages, savings, insurance and credit cards. A score of zero indicates a lean financially fit machine and 100 is the financial equivalent of being obese.
Abbey’s research found that women were weighed down by a number of factors. Women returned an average score of 46% overweight whilst men scored a leaner, yet still overweight, 41%.
The research has also revealed that the fittest regions in the UK were Wales and the South West whilst those in the North of England weighed in 46%. The North West’s financial obesity score was compounded by a high number of people in this region who have an uncompetitive mortgage rate of 355, have a credit card balance on their issuer’s standard rate of 23% and have a current account with an interest rate of less than one per cent.
Sue Hayes, director at Abbey, said: The research suggests that the majority of people are in need of a financial workout to get their finances in peak condition for 2008. As many gear up to shift the pounds they pile on over the festive period, we would encourage people to review the financial products they hold and shop around to ensure that they are getting the most competitive deal available. Like exercise, a financial workout can take a bit of effort but for most people the rewards are well worth the exertion.
