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Loan charges: Many Brits have no intention to budget in 2013

A third of adults in the UK say they are unlikely to have a regular budget during 2013 in order to keep on top of everyday spending on things such as rent, mortgage, travel, food, clothing and bills, according to new research from the Money Advice Service.

This equates to around 16 million people in the UK, with 19 per cent of budget-dodgers prepared to risk loan charges taking out credit cards or overdrafts to cover costs.

Some 17 per cent of respondents not prepared to stick to a budget say it would not be worth it as they would not stick to it, while 16 per cent want to “live for the moment” and spend however much they like.

A third (32 per cent) are in a comfortable enough position with surplus disposable income at the end of the month, which means they do not need to save.

Jane Symonds, head of service delivery at the Money Advice Service, insists that budgeting is a good idea.

“Keeping track of your money will not only help you cope with the unexpected, but also bring peace of mind. As most budget-keepers will agree - knowing you're on top of your money helps you feel a lot better about life in general,” she said.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801513025-ADNFCR

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