Everyday Loans for Everyday Life

 

 

3 out of 4 Brits worry about their finances

A new study has produced intriguing findings on the financial worries of Brits. Saving is the top concern, closely followed by personal retirement planning and pensions.

With up to 72% of Brits worried about their own economic situation, the latest research by the advice site Unbiased.co.uk has revealed the top areas of personal finances which Brits are most concerned about.

While 23% of Brits say that they don’t have any personal financial concerns, 39% worry about their savings and 29% fret about their personal retirement planning and pension provision. Other common concerns include long-term care provision (16%), mortgage arrangements (14%), investments (13%) and saving for children (11%).

Savings Apathy

Despite up to 35 million Brits currently worrying about numerous financial issues, 38% of this group -13.5 million- still haven’t done anything in place to improve their situation. The age bracket showing most apathy about their finances is the 35-54 year olds; with 41% of them having done nothing to tackle their financial concerns.

The most common actions for worried British consumers who decide to take action include starting a savings account (22%), changing the way they save and invest (20%) and making a tax-efficient investment such as an ISA (13%).

Despite this data, Unbiased.co.uk reveals that retirement planning is the most ‘in demand’ area in their independent financial advice department, driving 38% of consumer searches. Investment and savings advice account for over a quarter (26%) of searches.

Further research, also published by Unbiased.co.uk, recently revealed that more Brits than before feel they would struggle to cope in case of job loss, with this anxiety rising specifically in the case of 35-54 year olds.

Overall, the research concluded that 32% of UK adults would be at risk of financial hardship if they lost their job, the percentage last year was 24%.

 

Related Posts

How to cut the cost of going back to school School is still most definitely out for summer. But with the return to the classroom just a week or two away – and already underway in Scotland -...
How to Save Money on Weddings We've all heard the stories. Weddings are expensive, it's easy to see why.The truth is that we're all human when it comes to money. Even the most ...
Secured loans vs. unsecured loans Whether it is a mortgage of significant value to cover the purchase of a property or a small personal loan to finance a holiday, car purchase or eve...
Brits Feel Increased Worry Woes Household bills are the biggest financial concern for the nation as the cost of utilities is going up.According to price comparison website mo...
Andrew Wayland on GoogleAndrew Wayland on LinkedinAndrew Wayland on TwitterAndrew Wayland on Youtube
Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074