Brits must become more financially responsible

20/10/2009

Four in ten people in Britain are either saving too little or nothing at all for their pensions.

That's according to research conducted by the Association of British Insurers who say people just aren't prepared for unexpected events like unemployment.

They argue that Britons need to make a point of becoming more financially responsible to ensure they're fully equipped to deal with potential money woes.

This comes after claims that people who have serious worries over money and mounting debt could end up developing poor mental health.

However a recent study shows most people can get their money problems under control if they seek financial advice.

Director of debt management company EuroDebt says "For many people struggling with their finances, savings is limited to budgeting for annual expenditure items like your car service and MOT".

Kevin Still goes on to say that "many are using reduced interest rates to establish a 'buffer' in the event of loss of income, which is the most common reason why people start a Debt Management Plan'>Debt Management Plan or an IVA with EuroDebt".

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