Tuesday 4th of January 2011
An increasing number of people in Britain already in considerable financial trouble may wish to ask individual voluntary arrangement questions in 2011, following the findings of a new study.
Carried out by Direct Bank First Direct, the survey of 1,000 adults in the UK showed a large proportion of the general public believe they should have adopted a longer term view of their finances last year.
The investigation revealed failure to pay off debts more quickly was the biggest regret in 2010, with 53 per cent of those questioned citing this reason.
Other issues brought up by individuals included not saving for an early retirement and remaining in a rented property for too long.
Senior savings product manager at the organisation Richard Brown said: "The earlier people start to plan their finances and look to the future, the easier they will find their long term financial position."
Last week, Trades Union Congress general secretary Brendan Barber warned benefit cuts and unemployment could result in a "horrible" year ahead for many.
By Chris King
