Britons struggling to manage their finances this New Year

Many people are grappling to stay on top of their finances this New Year after overspending at Christmas, a new poll has revealed.

More than 5,000 visitors to the Jobcentre Plus website were questioned on their financial circumstances, with over half of participants (55%) declaring that they spend more than they can afford over the festive period.

Insufficient financial planning was exposed as a contributing factor in people’s growing New Year debt. Research shows that the 45% minority who do plan ahead stand a better chance of staying out of the red than those who fail to complete this task.

The survey also revealed that people in London and the East Midlands are the most successful at planning their finances, whilst those in the North East are least likely to make financial projections.

Speaking in light of the results Susan Clark, a personal adviser at Jobcentre Plus, said: ‘Struggling to pay the bills after Christmas is a situation that many people find themselves in and it can be very stressful.

‘Short-term fixes provide temporary relief but getting a job is the best way to improve your financial situation in the long-term.’

We can help plan your finances for 2008 – please contact us for more information.