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Brits fail to tackle money worries

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07/06/2006

Finances are a big worry for 43% of the British population, according to National Savings & Investments (NS&I), but most people do nothing to tackle the situation.

Although they claim to be loosing sleep over money worries, 58% of such people have taken no action to alleviate their fears. This includes not having enough money set aside to provide for their future (29%), not having enough savings (16%) and having too much debt (13%). This unwillingness to take control of the situation is rooted in a fear of facing reality and tackling a problem area in which many feel out of their depth, NS&I claimed.

Dax Harkins, senior savings strategist at NS&I, said: “Today’s findings reveal an underlying fear of getting to grips with the essential day-to-day management of personal finances. There is clearly a big need for more accessible financial education to help people get over their fears and sort their finances out.”

However, although 58% fall into this category, the other 42% have taken charge of their finances. Over a third have consulted their bank or building society about their worries and a similar number (32%) have spoken to a friend or relative.

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