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Brits not saving enough due to heavy debt load

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06/03/2007

Less than 10% of people in Britain were happy with the amount they made as a saving and investment last year, according to the TNS Finance Family Financial Planning study.

The study also showed that the UK’s most urgent priority when it comes to personal finance is clearing debt built up on credit cards and loans.

The survey found that the ongoing debt crisis is forcing people to think in the short term rather than plan for their financial future with a coherent saving and investment plan.

Clearing up credit card debt is important for 33% of people, while retirement planning and pension prospects by saving and investment methods are significant to 21%.

Less serious and shorter-term concerns like redecorating, or holidays, are a priority for just 12%.

Sharon Rees, UK head of TNS Finance, said: “Cutting debt – whether from loans or credit cards – will often dominate any family’s financial agenda.

“However, this must not come at the expense of saving for the future – and we have been pleased to see that people are exercising some financial control through a rigorous commitment to cutting household costs.

“But even this control does not appear to have a pay-off and people are still dissatisfied with what they have left in the bank, explaining why few are satisfied with their saving and investment record.”

 

 

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