It was also found that 13 per cent of people are planning to cut their credit cards in half in order to reduce the temptation to spend.
James Ward, marketing director of Friends Provident, said that the research showed that the credit crunch has already had an impact on consumers "both financially and psychologically".
He added: "The trick is to harness this heightened awareness and to do something positive, like overhauling your finances, budgeting effectively, and investing your money in a way that makes it work smarter for your needs."
Nici Audhlam-Gardiner, head of mortgages at Abbey, recently stated that shopping around for good deals can have a major impact on improving the financial fitness of people in the UK.
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