The country’s economy is unlikely to see growth again until the beginning of next year, the Confederation of British Industry (CBI) has predicted.

It said that although the economy is starting to stabilise, a return to growth is not likely for some time yet.

Richard Lambert, CBI director-general, said: "It will take some time before we can be sure these shoots have roots we can depend on for sustainable growth and, in the meantime, the government must do everything it can to help firms get access to credit."

He revealed that the worst period of the recession seems to be over, although the green shoots of economic recovery need to be proven to have roots.

It predicted that by the end of the recession, the UK’s economy will have shrunk by 4.8 per cent following five quarters of falling growth domestic product.

Mr Lambert recently warned that the UK faced a number of issues which it must deal with immediately, including social and environmental challenges.

He referred to the situation as a "burning platform moment".

Many of the country’s pensioners are denying themselves a better income in their retirement by not searching for the best options, a study has shown.

According to figures from Just Retirement, three out of four people cashing in their pension could find themselves struggling if they do not get to grips with their finances.

"Consumers spend up to 40 years of their lives saving for their retirement but when it comes to converting the money into a regular income via an annuity, there is a huge lack of understanding," noted Nigel Barlow, head of technical services at Just Retirement.

He also revealed how the study found that 79 per cent of over 55s had never heard of the Open Market Option, which enables them to find a better deal for their retirement.

Figures from the Office for National Statistics on health expectancy found that the British population has been living longer over the past 23 years.

They also show how life expectancy has been increasing at a faster rate for men than for women.

People who are made redundant and receive a financial package should make sure they do not whittle the money away, it has been warned.

Some may see the money as a windfall, revealed ATA Selection, although making sound financial decisions is highly important.

Andrew Hardaker, managing director of ATA Selection, said: "Some payoffs can run into six figures and it is easy to be lulled into a false sense of security and think the money will last forever: it won’t, particularly if you end up struggling to get back into employment."

He also warned that packages should be perceived as compensation for a job loss, rather than funding for pursuing lifelong dreams.

For some people, receiving redundancy pay will be the single biggest sum of money they will ever have, although it should be treated as a long-term investment, Mr Hardaker added.

It was revealed last month that the number of unemployed people in the UK had increased to 2.22 million.

During the first quarter of the year, the unemployment rate stood at 7.1 per cent, the figures from the Office for National Statistics showed.

The financial system is making it more difficult for first-time buyers to get on the property ladder, it is believed.

Katy John, spokesperson at PricedOut.org.uk, said the system is "unregulated and reactionary", which is making an impact on those looking for the finances to buy a new home.

"If there had been better regulation of bank lending over the last ten years, there would be a better choice of sensible, affordable mortgages available today," she continued.

High house prices remain a barrier to first-time buyers, Ms John suggested, particularly as the average cost of a property exceeds five times the average salary.

She revealed that banks need to provide better mortgages to first-time buyers and house prices need to decline.

First Direct recently revealed its tips to defy the credit crunch, which included switching to an offset mortgage, which it said could be an option of those with a pot of savings.

By doing this, it suggested homeowners with a £100,000 mortgage could cut its length by as much as three years.

People are increasingly reaching "breaking point" where they should find some debt management advice, it has been suggested.

They are more anxious about their finances because more people are now in trouble when it comes to their money, not because of increased levels of paranoia, said director of national money education charity Credit Action Chris Tapp.

"The downturn in the economy has led to a rise in the number of people who have seen a downturn in their own individual personal finances," he explained.

Such people are now finding it difficult to get on in their everyday lives.

His comments come after the Citizens Advice Bureau (CAB) revealed that there had been an increase in the number of people enquiring about debt or redundancy problems, such as debt management issues.

There was a total of 1.93 million new debt problems advised on by CAB, accounting for an 11 per cent rise on 2007/8 figures.

The days of counting your pennies to overcome debt problems could be numbered as analysts say the recession is over.

According to the National Institute of Economic and Social Research the future is looking more stable for the country’s economy with GDP growth returning to normal in April and May.

The think-tank’s research showed there had been a rise in manufacturing output for the first time in 14 months.

Its upbeat prediction comes as research shows house prices are rising once again.

Martin Wale, the institute’s director, said he believed the recession is already over and that the only way is up.

He said: "There has been much less downward momentum than we expected."

An increasing number of City analysts also believe the country is over the worst of the recession with the general consensus being that it will end in the next three months.

Official GDP data for the second quarter of 2009 will not be released until July 24th when an official analysis of the state of the economy will be made.

Mr Weale said: "The monthly figures are inevitably erratic but the picture is coherent with the broader picture of stabilisation which has emerged since we first suggested that the output (GDP) had stopped falling on May 13th."

More debt management advice needs to be given to older Britons, according to a new survey.

According to Citizens Advice, there is a gap in financial help provided to the country’s over-50s.

The bureau revealed there is not enough help available for older people who cannot afford to pay for advice on their pensions, investments or mortgages.

Between May 2007 and March 2009, members of the Personal Finance Society saw more than 1,100 clients and dealt with around 2,400 problems.

Many of the people seeking advice were aged over 50 and wanted help on a range of complex problems.

Teresa Perchard, director of policy at Citizens Advice, said the findings showed a "worrying gap" in the availability of financial advice for people who cannot afford to pay for it.

She said: "It does not follow that because someone has a low monthly income that their financial situation is simple. Many of the clients seen by this project have complicated enquiries about their mortgages, pensions or questions about equity release."

Fay Goddard, chief executive of the Personal Finance Society, said people need financial advice now more than ever.

She said: "They need to be able to talk to a person they can trust, someone who can talk to them in language they understand and someone who can provide practical and impartial advice that gives them the confidence to take action."

Brits looking to transfer their rainy day fund or open up a new savings account are being urged to consider their circumstances and debt management plans before doing so.

Consumers are faced with many choices, from instant access accounts with lower rates, to fixed-rate offerings that lock money away for a set period.

They must pick the one that is better-suited to their individual needs, advises Sharon Bratley, chartered financial planner at Fairinvestment.co.uk.

"The problem facing savers is the fact that interest rates have bottomed out at 0.5 per cent, but no one knows just when interest rates will start to rise again," she comments.

Savings accounts allowing instant access generally offer rates well below those where money is tied in to an account for a certain time.

People must compare a number of options and take into account their debt management plans before making a final decision, Ms Bratley concludes.

Earlier this year, Fairinvestment.co.uk revealed that nearly half of Brits have had to dip in to their savings accounts and around a third have changed the way they save.

Consumers need to put good debt management plans into practice so their money will look after itself, it is advised.

Keeping track of interest rates is the first step in careful money management, states first direct.

This means knowing the rate being paid on mortgages and loans, as well as that received on any savings accounts.

Overpaying any debts can also help consumers improve their financial situation, with many now in a position to do so because of the low Bank of England base rate – down to 0.5 per cent from five per cent a year ago.

By continuing to pay at the existing rate, Britons can reduce their debt quicker and, in the case of mortgages, increase the amount of equity in their homes.

"There are many ways for canny money managers to benefit from the tough economic climate – all indications point to the fact that Brits are beginning to pay back their debts, which ultimately will be good news for the economy," spokesman Jimmy Kelly stated.

Late payment is becoming a major issue for many British firms, the British Chambers of Commerce (BCC) warns, putting pressure on debt management plans.

Occurrences have been on the increase according to the body’s survey, putting real pressure on cash flow.

More needs to be done to tackle late payments, a BCC spokesperson states.

He highlights that the voluntary code of conduct put forward by business secretary Lord Mandelson would put pressure on firms to pay up in good time and could improve debt management.

During the recession, access to credit has been a factor holding back much growth, but now that is becoming more available, the recession will start to abate as cash flow improves, the spokesperson adds.

According to the Barclays Local Business annual Late Payments Report, small and medium-sized wholesale and retail businesses in the UK are owed £1.2 billion on any given day.

This means each company is around £2,418 out of pocket as a result of suppliers or customers failing to pay.