Monday 22nd of November 2010
Individual voluntary arrangement questions may be asked by Brits who are finding it difficult to make their money last until their next pay cheque as a result of having to find the finance to cover their debts.
Statistics published in an Institute of Financial Planning investigation found that almost half of individuals struggle to make their finances last from one pay day to the next.
The research revealed that 88 per cent of people between the age of 25 and 34 have no monetary plan put in place that they regularly consult, while over a quarter of respondents said they do not have a clear budget to follow.
Sales director at National Savings & Investments John Prout said Brits should be assessing three key areas when making a financial appraisal, including the value of their debts and assets.
Last week, a spokeswoman for the Consumer Credit Counselling Service stated she expected to see a rise in the number of 18 to 25-year-olds contacting the charity next year due to the rising cost of university and the difficult jobs market.
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Finances 'unlikely to improve' in next 6 months
