Tuesday 2nd of June 2009
Debt problems are preventing many Britons from being able to put away any money for their future, research has indicated.
According to a study by Scottish Widows, 85 per cent of people say they do not have enough cash to save - up from 50 per cent last year.
The survey showed that debt worries are a major cause of the problem, as 42 per cent cite these as a barrier to saving.
Savings expert at the firm Anne Young described the results as "alarming", noting that people are becoming increasingly concerned with paying off what they owe.
"While paying off debts should still be a priority, in climates like these, it is important to save even a small amount now to get into a saving habit," she said.
Recent Insolvency Service statistics indicated a rise in demand for debt solutions, as a record number of people entered into individual voluntary arrangements or were declared bankrupt in the first quarter of the year.
- 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
- Students working to limit future debt worries?
