Wednesday 2nd of February 2011
Adults in the UK who are already finding it difficult to prevent their debts spiralling out of control may soon consider asking individual voluntary arrangement (IVA) questions to see whether an IVA is the best route for them to take.
New research from Confused.com has found more than half - 57 per cent - of Brits believe the cost of day-to-day living is so high that they cannot afford to save any money whatsoever.
The website discovered 12 per cent of respondents begin a month by trying to put money aside but fail to carry this on across a four-week period, while 13 per cent stated paying off debt is a priority above saving.
Chris Griffiths, head of savings at Confused.com, said: "If you find yourself with no money left to put away, go through your incomings and outgoings in detail to see if there are some non-essentials you can cut out."
The findings come after the AA Financial Services recently backed plans to introduce more widespread financial education for young people.
By Mark Waterman
