Wednesday 29th of December 2010
People may start to ask individual voluntary arrangement (IVA) questions in the future if they fail to plan their finances with the long-term in mind.
This is because Sue Whitbread, communications director at the Institute of Financial Planning, has warned individuals are failing to consider their monetary situation across a longer stretch of time.
The industry expert claimed adults in the UK have so many different factors that they need money for and are therefore failing to save money in a constructive way.
She explained: "I may be cynical and say that perhaps people put off the longer term ones because they think they are never going to happen."
People believe the future is so far away that they do not need to focus on it at present, Ms Whitbread went on to say.
Her comments come after recent findings from NS&I showed the amount of money the British population is putting aside decreased throughout autumn.
By Chris King
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