Debt management could benefit 're-run' generation

05/02/2010

The middle generation may be in need of debt advice to help them plan for a secure financial future.

People aged 28 to 40, who grew up in the nineties and noughties, are not planning for their future, a new study has suggested.

The report from Standard Life found that this generation is choosing to remain enamoured with nostalgia from the past and when thinking of the future, almost a third feels anxious or "filled with fear".

Only 53 per cent of them are preparing for things to come by saving money.

Mark Polson, head of customer management at Standard Life commented: "This is a generation which is opting out, hoping for the best and rationalising on their feet.

"These are smart, educated, savvy people who know they are not doing what they should to secure their financial futures. They need a reality check to secure the future they hope for themselves."

Of those who had considered their financial future, only 48 per cent realised that they would have to make their own retirement plans while 29 per cent believed that fate would play a part in securing their financial future.

Kevin Still, director of EuroDebt, commented: "In the same way that some people are not saving for the future others have borrowed far too much without a plan on how they are going to clear debts.

"The recession has hit many people with no savings and who have suffered a loss of income. Managed debt solutions may well be required in these instances."

Posted by Jim Mead

Tags; Debt Management and Banking,

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