As 2008 begins, consumers should examine their monetary situation, according to Sainsbury's Bank.

The fiscal services provider suggests that carrying out such a review may enable consumers to more efficiently manage their spending and take advantage of better deals.

Donald MacLeod, head of cards at Sainsbury's, advises people who may be paying off credit cards from their festive spending to try and pay above the minimum payment.

"The other thing is to look around and see whether there are better deals than what you're currently getting from your provider and that may well offer you an opportunity to reassess your costs," he adds.

He adds that many cards now have rewards on them as well, a feature which consumers could take advantage of as they look to pick up some bargains during the January sales.

In other financial news, it was recently reported by Birmingham Midshires that 36 per cent of over-55s contribute cash from their pensions to help support their children and grandchildren.