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Media centre /
Press releaseANXIOUS BRITS FAIL TO TACKLE THEIR FINANCIAL WORRIES07 June 2006Just under half (43%) of the British population worry about the state of their finances, but most have done nothing to tackle the situation, according to the latest NS&I Quarterly Savings Survey to be published on 7 June. And while these people continue to lose sleep over money matters, 58% have taken no action despite their anxiety. This apparent lack of motivation to take control of money worries is rooted in an unwillingness to face reality and fear of tackling a problem many feel ill-equipped to deal with, according to NS&I’s research, which found financial worriers:
Dax Harkins, senior savings strategist at NS&I, commented: “Today’s findings reveal an underlying fear of getting to grips with the essential day-to-day management of personal finances, from household bills through to credit card debt and savings. There is clearly still a big need for more accessible financial education to help people get over their fears and sort their finances out.” What worries people the most?
These worries come amid a climate of increasing consumer debt and concerns about a lack of adequate long-term financial provision in Britain. Recent Credit Action figures have revealed that Britain's personal debt is increasing by approximately £1 million every four minutes, while evidence from NS&I’s report showed that, on average, Brits were only putting away 6.49% of their monthly income. Set against the amount that they believed they should be saving (13.68%), a substantial gap between perception and reality appears to have opened up among many consumers, which could threaten their financial health. Regional variations Despite their reputation for prudence, the Scots and those in the North East of England are the most laid back, with only 36% and 40% worrying about their finances. Those questioned in the South West display most concern with 48% expressing anxiety. Some people taking affirmative action While 58% have done nothing to allay their financial worries, the remaining 42% have taken charge. Over a third (32%) of these people have spoken to their bank or building society and a similar number (32%) to a relative or friend. An encouraging 32% have started saving regularly, in common with the broad trend towards greater savings habits shown in NS&I’s report. Dax Harkins commented: “There are some simple things you can do to get a better grip on your finances, as shown by those that are taking action. Whether it’s just talking it over with a friend or relative, getting professional advice from an IFA or starting to increase your savings, it is important that those Brits who are anxious about their financial situation resist the temptation to bury their head in the sand and do something about those sleepless nights.” ENDS Notes to Editors For a PDF of NS&I’s Quarterly Savings Survey click here or for a hard copy or further information on the statistics supplied in this release please contact the NS&I media team. A regional trend breakdown is also available. The survey of peoples’ savings habits and likelihood to save in the future was carried out by TNS Phonebus among 1,024 GB adults aged 16+ between 5 - 7 May 2006. Dax Harkins is available for interview and high-resolution photographs can be supplied. Contact the media team to arrange an interview or request photographs by e-mail.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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