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06 June 2006
While almost half of the British population are worried about the state of their finances, the majority are failing to get a grip.
Around 58 per cent of those worried about money matters have done nothing to get things sorted out, due to unwillingness to face up to their problem, research from National Savings & Investments (NS&I) has shown.
Debt was one of people's biggest concerns and was the main worry for 13 per cent of those worried about their finances, while 29 per cent were concerned about not putting enough money aside for the future.
Recent Credit Action figures show that personal debt in the UK is increasing by £1 million every four minutes, said NS&I, while its data showed that Britons were only saving 6.49 per cent of their monthly income.
"Today's findings reveal an underlying fear of getting to grips with the essential day-to-day management of personal finances, from household bills through to credit card debt and savings," said Dax Harkins, senior savings strategist at NS&I.
"There is clearly still a big need for more accessible financial education to help people get over their fears and sort their finances out."
If you want to sort out your finances or are worried about debt, the first thing to do is order your credit report and find out where you stand financially.
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