Consumer financial awareness rises under recession

The recession appears to have pushed consumers into having an enhanced awareness of financial matters, with the survey showing that 32% feel more in control of their money than in previous years.

Lloyds TSB highlighted that a key signifier of consumers managing their finances better was the declining use of overdrafts. Results showed 46% are using their overdraft much less than in past years, while 34% have not used the facility in at least a year.

Jatin Patel, of Lloyds TSB, said: "Tools such as free mobile banking and text alerts have been well received by our customers. It's great to see consumers' increased appetite for managing their money and we will continue to work with our customers to help them take more control."