Britons may find managing money is a particularly acute need because they are short of savings, a problem one new poll has revealed is rife.
The survey by First Direct found six million households could not survive until the weekend if they had to rely on their savings, with 28 per cent of households having less than £250 put away.
Such a situation means over a quarter of the population are vulnerable to a sudden change in circumstances that either saw them lose money - such as redundancy - or need to acquire some quickly.
The survey found those faced with such a situation would respond in a variety of ways, the most common (26 per cent) being to expect a partner to cover them, while 14 per cent would borrow from their family.
While 16 per cent can rely on income protection insurance, 11 per cent would use a credit card and 11 per cent an overdraft.
This, of course, would raise the question of where the money to pay off the interest would come from in the future and those who do need to use a card may find a prepaid credit card is the best tool to adopt.
This is because the amount that can be spent on it at any given time is only that which has been loaded up on it at the latest online visit. This means that overspending – a constant temptation when there is a credit limit available stretching into thousands of pounds – can be avoided and debt levels thus kept down.
Head of savings at First Direct Bruno Genovese said that setting aside cash for emergencies is essential, remarking: "By putting away small amounts each month Britons can help themselves build up an emergency savings pot as provision for any eventuality without having to rely on a solution that will get them further into debt."
A budget planner may help to do this by identifying ways in which monthly outgoings can be trimmed without failing to pay essential bills.
More effective budgeting is something 49 per cent of consumers have vowed to try to achieve in 2012, according to a GoCompare.com survey of new year resolutions.
