Debt management solutions needed as more plunge into the red
Debt management solutions needed as more plunge into the red
Wednesday 3rd June 2009
The economic downturn has seriously disrupted people's saving plans, according to the third annual Scottish Widows Savings and Investment Report, which has stated that many people are unable to save.
Some 42 per cent of British consumers cite the growing burden of debt as the reason they are unable to put money away, with more than four out of five (85 per cent) saying they are not saving because they have no money to spare.
This figure is a significant increase from last year when only 50 per cent of people admitted to not having any money to save, which is an indication that many are suffering in the recession, Scottish Widows said.
"It has become more of a priority for people to reduce their current debts and simply get by on a day to day basis rather than saving for their futures," said Scottish Widows savings expert Anne Young.
"However while paying off debts should still be a priority, in climates like these, it is important to save even a small amount now to get into a saving habit and build up some capital."
Almost a third (31 per cent) of people with no money to save blamed high taxes for eating into their finances.
However, according to David Elms, the chief executive of Unbiased.co.uk, being tax efficient and not wasting money unnecessarily can help consumers avoid being plunged into debt.
News article brought to you by Debt1 – The debt management company.
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