- Monday, 12 April 2010Debt management plans could be required by many Brits as new statistics demonstrate changing borrowing trends.
In 2008 Britons saved less money than ever before, putting just 1.7 per cent of total resources aside.
That is according to the Office for National Statistics, which has conducted research into the financial affairs of the UK's people.
Spending on borrowing has increased massively. In the eight years leading to 2007, household debts increased by 125 per cent whereas household income only increased by 40 per cent.
This means that, on average, households have less available cash to spend without getting into debt.
Moreover, the nature of the purchases being made with that money is changing.
Much more money is today spent on services rather than goods. In practise, this means that people are using their money to experience certain things rather than possess them.
Speaking to the Guardian, Will Galgey, managing director of the Futures Company, said: "It's a big shift from material goods to experiences.
"Our consumption is about how to enhance our experiences even in the context of our own homes."
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