Posted on November 26th, 2010 | Categories - Financial News
Money worries hit majority of British adults.
Financial problems worry over 60% of people in the UK.
People are “more worried than ever about money”, according to a report by the Institute of Financial Planning and National Savings & Investments.
Almost 20% of people said they worry about money all the time and just over 40% of participants said they worry about cash ‘more often than not’ in the financial survey. Only 3% of respondents said they never worry about money, which is a 9% drop from the same time last year.
Just under half of people said they find it tough to make their monthly salary last until their next pay day and 27% said they do not draw up a budget. Just 14% of participants said they had looked at their financial priorities and made long term plans in the past.
Over 84% of people said they would not borrow money to meet Christmas expenditure and would choose to make cutbacks instead.
Chief executive of IFP, Nick Cann, said: “If people want to steer a financially smooth course through these challenging economic times, it would appear their chances look gloomy. It’s clear from our findings that people need real help to take control of their finances. Just taking a few small planning steps can be all it takes to make a big difference to people’s lives”.
John Prout, sales director of NS&I, said people should make an honest appraisal of their financial situation regularly. He said people should assess three key things – the value of their debts, the interest rate they are paying out or earning and whether they would be able to manage if their income was to fall or outgoings increase.
He added: “By reviewing and making plans to manage the unexpected, it should be much more manageable should you ever experience a squeeze on your finances”.