A third of people 'planning financial overhaul'

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A third of people in the UK are planning an overhaul of their finances to see how they can benefit from better deals owing to the credit crunch, according to new research.

The study by Friends Provident also found that 75 per cent believe they have the chance to save money by switching to better deals on loans, credit cards and other products.

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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