66pc Brits worry about finances but don't do anything about it

Posted By: Abdul Nisar
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London, Nov 22 (ANI): A new survey has revealed that nearly two-thirds of the British are worried about their finances, but most of them fail to take steps to improve their situation.

Around 43 percent said they worried about money 'more often than not', while 17 percent worried about it all the time, reports The Daily Mail.

According to the YouGov poll for the Institute of Financial Planning (IFP) and National Savings and Investments (NS and I), only three percent said they never worried about money.

This figure was a significant drop from the 12 percent who said this when the same research was carried out last year.

Nearly half of people admitted they found it difficult to make their money last until they were next paid, with women more likely to struggle than men.

Despite being concerned about money, only 14 percent had taken time to identify their financial priorities and plan towards them.

This was down from 26 percent two years ago, while 27 percent admitted they had never drawn up a budget.

Instead, one in three said they were counting on winning the lottery to improve their fortunes.

The research, which was carried out to coincide with the start of Financial Planning Week, found that eight in ten people said they were not prepared to borrow money in order to enjoy Christmas.

"If people want to steer a financially smooth course through these challenging economic times, it would appear their chances look gloomy," said Nick Cann, chief executive of IFP.

"It's clear from our findings that people need real help to take control of their finances. Just taking a few small planning steps can be all it takes to make a big difference to people's lives," he added.

"It's important to make an honest appraisal of your financial situation on a regular basis," said John Prout, sales director of NS and I.

"By reviewing and making plans to manage the unexpected, it should be much more manageable should you ever experience a squeeze on your finances," he added. (ANI)

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