Black Saturday looms for households

Households across the UK will be reassessing their finances on January 1st, new research suggests. 

Some 33 per cent of individuals will be suffering from a serious financial hangover following New Year's Eve festivities, according to the survey from

A quarter of people will have got their worries out of their systems on December 31st, with a cautious 22 per cent worrying on Christmas Day.

It could be a good idea to use the long weekend started on the so-called Black Saturday to make long-term financial plans.

Chris Morling, the managing director of, said: "It is positive that so many people seem resolved to take greater control of their money during 2011.

"I'd urge anyone setting themselves money-related goals to use the New Year long weekend as an opportunity to start as you mean to go on."

In particular, he urged consumers to sit down and give themselves a "money makeover" by seeing where they can make savings and which debts they can reduce quickly.

It is also a good idea to see what changes could have the most immediate impact on individual finances.

Last month, research published by HSBC found that more than three-quarters (76 per cent) of people were worried about the state of their bank account.

However, more than two-thirds (68 per cent) had not made any changes to their outgoings to alleviate their concerns.

Published on: December 15, 2010

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