» Read the complete article

The recession is prompting Brits to seriously rethink the state of their finances and their long-term financial futures – many who previously spent for today are thinking about saving for tomorrow.

According to Friends Provident, people who are scared of the credit crunch and its affects are being prompted to get a grip on their day-to-day finances, as well as giving serious thought to their savings.

The recession may have come as a wake-up call for many as people recognise that their lifestyles cannot be maintained permanently without greater financial security – two thirds of the British public are still worried about the recession, and as a result one fifth of UK adults feel a greater need to look ahead and plan for the future as a result of the recession and a third have started saving more since the beginning of the recession.

This is great news. Too many people did not think of the consequences of their spending in the first years of this decade. They relied on increasing house prices along with the ease by which they could attain credit to keep them going as debt spiraled. Now, in the stark aftermath, they have seen how debt can ruin people's lives and lead to repossession. They are saving more, thinking about their outgoings and looking to the future.

Simon Clamp, managing director at Friends Provident, says: "Increasing financial awareness amongst consumers can only be a good thing and this is demonstrated by the numbers who are reducing their debts and becoming more focused on their futures and saving for the long-term."

If you want to look to the long-term, get some professional advice. An adviser will be able to lay it all out for you and tell you exactly what you need to do to make sure your family and your home is safe for many years to come. It's all about spending and saving for tomorrow.

SOURCE: Friends Provident, 08/08/09

To Keep up with news and comments on the current adverse credit market please visit the Adverse Mortgage Blog.