Middle-aged Brits struggle with debt management
Middle-aged Brits struggle with debt management
Friday 19th February 2010
A study by F&C Investments reveals that under half of Britons in the specified age group feel in control of their finances, around 36 per cent are maintaining some degree of control and 14 per cent do not feel on top of their finances at all.
Almost a third of respondents with borrowings hold concerns about their level of debt and repayments, and just 14 per cent have both a will and adequate life insurance to ensure their family's financial security.
A quarter of women and 20 per cent of men are relying on State pensions for their retirement income, with 38 per cent of women not at all confident that their retirement provisions will be sufficient, states study.
Commenting on the figures, head of global wholesale and marketing at F&C Investments Scott Stevens said: "There is a real need for people in this age group to sort their financial lives out.
"It is unthinkable that almost a quarter of people are still planning to rely on the State pension, when it is entirely possible this safety net will not even exist in its current form by the time they retire."
Mr Stevens said with the predicted rise in life expectancy, leaving retirement saving until middle age was "not a viable option".
Some 41 per cent of respondents said they were not planning on increasing their savings or investments over the coming year.
A recent National Audit Office (NAO) report indicates rising levels of "over-indebtedness" among UK consumers, with the demand for debt help exceeding capacity.
Personal borrowing represents 160 per cent of household annual pre-tax income, according to the NAO, and of the total debt owed, £1,232 billion was mortgage debt and £228 billion was related to consumer debt such as on credit and store cards.
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