Consumers 'have been forced to restructure finances'

A different financial approach is now being adopted by a number of people now that consumers are less likely to get credit, it has been suggested.

According to Anna Sofat, director of the financial planning organisation ADDIDI Wealth, 2008 proved a particularly bad year for borrowing.

However, she added: "Over a very short period of time ... credit lines were withdrawn. People obviously started to restructure their finances to pay off debt and to save."

Rather than focusing on spending, Ms Sofat believes that some people may have woken up to the importance of having savings to shield them in case of a financial emergency.

Nevertheless, she also noted the large levels of debt that the country's population is still having to deal with following the effects of the economic downturn.

Money worries might be causing some people to focus less on their loved ones, Scottish Widows research has recently suggested.

Posted by Tom Burroughs.