Taking just one hour off work to assess your financial situation could make a substantial difference to the management of individual finances, it has been reported.

Next Wednesday, Axa launches My Budget Day, with 250,000 staff to be given an hour off work to give them time to plan and manage their finances.

Research from the firm reveals that almost half of businesses would consider giving their employees an hour off for use in this way.

Steve Folkard, spokesperson for Axa, said: "Spending an hour a month on your finances isn't long but it can make a huge difference to your financial situation.

"Just sitting down and reviewing your money is a crucial first step to saving some cash."

He added that the firm would be asking employees to back this plan to help their employees in this way.

Credit Action reports that the total personal debt at the end of September 2007 was recorded at £1,380 billion, which could lead many to seek out debt consolidation loans.ADNFCR-1287-ID-18360956-ADNFCR

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