Because of the way things are nearly half of UK families are
being negligent of their financial wellbeing, according to the firm’s 3rd
annual Priorities of Life Index. The
research shows that regardless of the news terminology about things getting
better, right now around a fifth of UK adults have “a lot less money” than
previous years and including the other which feel they have “a little less” it
accounts for a quarter of wage earning adults.
Approximately 7 million stated the economic climate has
really hit their finances, with over 4 million not sure or doubtful about their
future. A little over 6 million indicated
that they are feeling the financial squeeze.
Several million people directly call that their life
problems are related to too much. Money problems have led to nearly a half of
all UK adults cutting luxuries, a third have actively cancelled planned holidays
or similar experiences and roughly the same amount of people claim to have stopped
putting aside savings as have no cash to spare.
Catherine Stewart, one of the company’s savings expert’s
states: “When money is tight, it's important to spend time prioritising your
finances. It is vital that we all have a
thorough understanding of what we can do to make sure we are as comfortable as
possible, and that we understand exactly where savings can be made. Even though
times are tough, it is important to remember that whatever money we can put
aside can only be of benefit in the long run.
If people are worried about getting their finances under control then
it's a good idea to ask for help and get independent advice.”
That advice could range from thinking about undertaking a
process to manage debts or to reduce outgoings. Other options to explore would be
things such as informal financial management plans or even the more
far-reaching individual voluntary arrangement perhaps for some it could mean
entering into bankruptcy. The real key to solving issues surrounding personal
financial solvency is to look at creating a feasible and workable budget.
