Sunday 21st of November 2010
Brits competing with their friends about how little they have to spend may decide to start asking individual voluntary arrangement questions if the constant financial pressure of their debts becomes too much for them to manage.
Research carried out by uSwitch.com found that Britain has become a nation of have-nots, with 67 per cent of individuals more likely to boast about how little money they earn, rather than confess to bringing in a large salary.
In addition, the investigation showed almost nine out of every ten Brits think it's better to discuss cutbacks they have had to make, with 13 per cent of people more likely to comment on how they haven't been required to make savings.
People in the UK appear proud to be poor, as almost three-quarters prefer to talk about how little they have in savings as opposed to a discussion of how much they have put away.
Director of consumer policy at uSwitch.com Ann Robinson said: "In the face of economic adversity, keeping up with the Jones' no longer means competing to have the most lavish lifestyle - it's now about being seen to be poor and proud.
"Instead we're competing to make the biggest changes and cutbacks to our lifestyle - or at least that's what we're telling everybody else."
She added that there is no longer any pressure on people to be seen living a luxurious lifestyle, making it easier for individuals to change their spending habits in order to alleviate debt and control finances.
Earlier this week, an investigation published by Legal & General showed that almost a third of individuals in the UK have to access extra cash to pay for bills they had not accounted for.
Mark Gregory, executive director of savings at the firm, noted the 11.5 million people struggling to balance their finances each month may not be able to find the additional money to pay off what they owe.
By Mark Waterman
