Monday 29th of November 2010
People with no financial support in place as a result of a build up of debt may decide to seek individual voluntary arrangement answers in an effort to wipe their financial slate clean and start again.
Managing director at moneymaxim.co.uk Mark Bower said that it is becoming increasingly important for individuals to start thinking about how much money they have put away as the government is making plans to reduce its financial expenditure.
"Whereas once people could perhaps have relied on the state, that is becoming a more and more risky strategy," he noted, adding people should be considering all of the eventualities that could leave them needing to find extra finance in retirement.
Last week, Scottish Provident's Financial Safety Net Report found that six out of every ten UK individuals are without any form of personal insurance.
According to the study, 35 per cent of the population has life cover, while only five per cent have unemployment benefit.
By Hayley Jones
