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Money worries on the rise

Money worries on the rise

Category: Money

Updated: 14/11/2011
First Published: 14/11/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Almost half of people in the UK have admitted that their money worries have increased over the last six months.

With the economic picture continuing to look gloomy, savings and pensions top the list of financial concerns, research from unbiased.co.uk has revealed.

And on a wider level, statistics show that 47% of consumers say they are more concerned about their personal financial situation than was the case just six months ago.

Savings top the list of personal finance concerns, with two in five (39%) of Britons stating this.

With the Government set to role out an initiative to improve the UK's retirement provisions, pensions are also proving a big worry, with 29% of people with money problems concerned about their pension.

In addition, an increasingly ageing population has meant the number of people worried about long-term care is on the rise.

Almost a quarter (24%) of over 55 year-olds said they are concerned about their preparations for long-term care.

At the other end of the age spectrum, more than one in five (22%) of 18-34 year-olds say that their biggest worry is about how they will be able to get on the property ladder.

It compares to just 7% of over 55s who are worried about their mortgage arrangements, with a national average of 14%.

Karen Barrett, chief executive of unbiased.co.uk, said that the economic situation means that financial planning should be at the forefront of everybody's minds at the moment.

"Careful planning could make a real difference to both your current financial situation and also securing your future," she added.

"Mortgages, pensions and savings for children are just a few of the pressures and considerations facing consumers right now.

"Therefore, it is imperative for people to get as much information and help as possible to get on track."

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