"Hyacinth Bucket Syndrome" comes to credit crunched UK

14/08/2009

The UK is a nation of proud "Hyacinth Buckets" unwilling to cut back on their lifestyle costs in the recession, it has been suggested.

Moneyextra, a price comparison website, said that 37 per cent of homeowners suffering from debt problems would not commit to making changes to their spending.

The need for "keeping up appearances" was found to be especially acute in the south of England, with 55 per cent of Londoners seeing debt-induced downsizing as evidence of "failure" in life.

Women were also found to be more willing to agree with the statement that their home represents who they are and that moving to a less impressive property would lead to their social status taking a hit.

Meanwhile, two in three of all Britons said that they care what the neighbours think.

"This report doesn't particularly surprise me" confirmed Kevin Still, Director, EuroDebt.

"The latest analysis of reasons for clients signing up to our Debt Management Plans put 'debt spiral' in the top three at 21.29 per cent, followed by 'poor financial management' at 14.79 per cent - an increase over the last period of 1.3 per cent.

"These two reasons can be attributed to a number of factors but an unmanageable level of aspirational purchases could certainly be a contributor."

Richard Mason of Moneyextra.com said: "The British 'stiff upper lip' is costing thousands of people their homes and I urge those facing debt arrears to downsize while they can. Surely it's better to downsize on your own terms than face repossession and risk losing everything."

Tags; Budgeting Advice, Young Family Finances, Retirement Money Problems,

Regional Debt Advice; Debt Help London,

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