Financial discipline 'will help with a tough 2012 ahead'

As a result of the ongoing economic downturn, many individuals could be facing financial difficulties such as a bad credit rating.

New research from uSwitch.com indicates 65 per cent of UK adults have suffered a pay freeze in recent times, with this being the case for the past three years for 15 per cent of respondents.

It was noted this will make 2012 a difficult year for many consumers, as the cost of living continues to rise, along with utility prices.

Around 54 per cent of Brits said they will be dealing with the situation by reining in their expenditure.

One way this could be achieved is by setting a strict budget plan, which advisor and director at Ark Financial Planning Phil Perry recently claimed is most effectively done by prioritising outgoings.

This could be particularly relevant to 15 per cent of respondents to the survey from the price comparison site who said they have no idea how they will cope if they do not receive a pay rise.

Posted by Gemma Walker