Financial threat 'greater than terrorism'

20/11/2008

An increasing number of Britons rate financial concerns above those of terrorism, a new survey has revealed.

Research commissioned by Axa found that financial problems are ranked as Britain's most pressing social issue by more than half (53 per cent) of people.

This is an increase of one third (32 per cent) since November 2007, when terrorism and immigration were believed to be the biggest threats.

Axa's Steve Folkard said: "Money worries have spread like a fever across the nation, with people increasingly concerned with their ability to meet financial commitments.

"Financial concerns can easily monopolise every waking thought, at home and at work, causing serious psychological problems."

He also noted that in extreme cases they cause divorce.

However, despite these rattling claims, only one quarter of respondents claimed to have sought financial advice in the last 12 months to help them cope.

The research comes after Ann Crowley of Save the Children suggested in an interview with the Western Mail that the credit crunch is impacting on children's wellbeing.

She said: "We think for a rich, affluent country – not withstanding the economic downturn – it's pretty disgraceful we have got more than one in four children living in poverty."

Tags; Budgeting Advice,

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