In a recent financial fitness study conducted by Abbey, just one out of 100 people are currently in their peak financial state in terms of the various financial products they have. This could include loans and savings accounts - and their competitiveness, in addition to their capacity to shop around for good deals. According to the firm, a zero score means that a person is "financially fit", with 100 being the fiscal equivalent of obesity. Overall, some 43 per cent of consumers are 'overweight'.

Overall, the typical woman is 46 per cent overweight when managing money. Some 31 per cent of females have a good mortgage deal, with one in four failing to shop around when selecting insurance cover. In addition, 70 per cent either have no savings or just enough money to keep up their standard of living for no more than three months.

Consequently, many of such consumers may find that they develop problems in managing expenses such as loans, utility bills and plastic card payments should their income unexpectedly dry up. Meanwhile, with men scoring 41 per cent, males appear to be more able to select competitive financial products such as current accounts and cheap loans.

Research from the firm also indicated that those in Wales and the south-west of England are the best at managing their money, as only 42 per cent of residents are financially overweight. In turn, this could mean that many people from such regions are in a more capable position to make repayments on borrowing and are able to search effectively for a cheap loan.

On the other hand, consumers from the north are judged to be the most likely to be managing their money ineffectively, with 46 per cent of people overweight. Within the north-west, just over a third (35 per cent) have an uncompetitive mortgage rate, while some 41 per cent hold a current account with interest at less than one per cent.

Commenting on the figures, Sue Hayes, director for Abbey, said: "The research suggests that the majority of people are in need of a financial workout to get their finances in peak condition for 2008.

As many gear up to shift the pounds they pile on over the festive period, we would encourage people to review the financial products they hold and shop around to ensure that they are getting the most competitive deal available. Like exercise, a financial workout can take a bit of effort but for most people the rewards are well worth the exertion."

Those looking to reduce the various financial pressures that they may be facing and who aim to take out competitive monetary products may wish to consider applying for a cheap secured loan. Indeed, taking out such a loan now could be particularly helpful for people struggling to manage their money as the Christmas and new year period approaches. Speaking last month,

Neil Chandler, head of Halifax Unsecured Personal Loans, reported that although the real costs of festive items such as jewellery, turkeys and toys have all fallen it "doesn't mean we don't need to budget and organise our finances". And after drawing up a list charting the various constraints on their spending, people may find that a personal loan can help them manage their money.