Don't rely on probate payouts

As the life expectancy of the general population increases, Britons must learn the importance of financial planning.

Unlike in years passed, children cannot rely upon getting probate payouts in early adulthood to help them get financially established.

Consequently, it is vital that consumers understand the importance of financial planning and independence.

However, figures from uSwitch show that people in the UK are so far failing to learn from principles of frugality, with 28 per cent of Britons expected to end up in debt following Christmas 2011.

Moreover, most will take an average of almost six months to pay off their Christmas debts and eight per cent will still be trying to recoup losses in 2013.

Michael Ossei, personal finance expert at uSwitch.com, stated: "Splashing the cash at this time of year is very tempting, but for those already feeling the pinch a very merry Christmas could lead to a financial hangover that lasts well into next year."

Published by Kevin Round