Mounting debts affecting financial security

Wed, 04 Apr 2012

Mounting are threatening the financial security of many people in the UK, new findings have shown.

Compiled by Scottish Widows, the statistics revealed 21 per cent of survey respondents feel their levels are too great for them to feel comfortable from a monetary perspective.

According to the research, 4.4 million Brits are unsure about their financial futures due to the uncertainty of the economic climate, with 8.2 million adults left with no spare cash at the end of the month once they have paid for all essentials.

In addition, it was shown that 9.8 million individuals often have less than £50 at their disposal prior to the arrival of their next pay packet.

Catherine Stewart, savings expert at Scottish Widows - which has been operating since 1815 - stated: "Families are feeling the pinch as tough economic conditions continue - outgoings are increasing while income largely remains the same, as a result of pay freezes."

Ms Stewart added it is understandable that many consumers are choosing to neglect their finances at present, especially as conditions are unlikely to improve markedly any time soon and shoppers are having to be more restrained with their purchases.
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