Brits "can't cope" with finances

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Brits "can't cope" with finances

Tue 25th Mar 2008

A new survey from moneysupermarket.com has revealed that around 30 per cent of Brits are seriously concerned about their financial future.

Tim Moss, head of loans and debt at the website, said that he was "surprised" at how worried consumers are and suggested that the recent Budget report "spooked" a lot of people.

Only 16 per cent of respondents said they had no financial worries, which hints at the scale of the problem.

With UK consumers currently owing more than £1.3 trillion on loans, credit cards and overdrafts, its research found that increasing numbers of debtors are struggling with repayments.

Mr Moss recommended that "anyone starting to worry about their financial situation shouldn't bury their head in the sand".

He advocated that people first work out the full extent of their problems and then prioritise their bills, paying essentials such as the mortgage or rent first.

Research released by Fool.co.uk last week revealed that 89 per cent of Brits are planning on cutting luxury items out of their budgets this year, as the potential threat of recession looms.

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