People 'do not want to make money management mistakes twice'

Britons are keen to learn from the financial downturn, it has been suggested.

Although signs of confidence are improving, one personal finance expert claims that people are looking to take a more responsible approach towards money management.

Ed Bowsher, head of consumer finance for lovemoney.com, points out that while Britons "are feeling a bit more willing" to spend money, they are keen to learn lessons from the financial crisis.

He notes that in an effort to "repair their finances", consumers are looking to increase the amount of money being placed in savings accounts.

"The whole economic crisis was a huge shock for us and I think people don't want to make the same mistakes twice," Mr Bowsher states.

Speaking as figures released by Nationwide revealed that 32 per cent of Britons saw January as a good time to make major purchases, he adds that while there may be some increases in credit card and mortgage borrowing over the coming weeks, "any dramatic rises" should not expected.

By Kate Guthrie