The financial health, or otherwise, of the nation has been looked at by Lloyds TSB. The outcome, perhaps unsurprisingly, is that we are an unhealthy bunch who need to work on hour financial fitness.
Lloyds TSB has devised a Bank Mass Index, akin to the Body Mass Index but looking at our fiscal health. As a nation the UK has a BMI of 28, which indicates we are overweight and need to address our issues to get back into a healthy state. What this means is that we are, generally, over committed financially, with debts far outweighing savings.
It is the 18 to 24 age range where this is most noticeable, the group having a BMI of 31. A figure in this range of the Lloyds TSB scale means that over a quarter of gross income is spent on repaying unsecured borrowing. In contrast the 55 plus age group has a BMI of just 24, indicating a reasonable level of financial health.