Tuesday 25th of August 2009
Almost two-thirds of Britons are more financially savvy because of the recession, a new survey has found, which could include knowing when to seek individual voluntary arrangement (IVA) advice.
The research by National Investments and Savings (NS&I) found that 48 per cent of this group of people know exactly how much cash they have in all of their accounts. A further 33 per cent admit they know approximately how much they have stashed away, give or take £50.
However, many households may realise the poor state of their finances and in fact, have little disposable income once unsecured debt is paid off, along with its climbing interest. When juggling many financial commitments becomes too much, IVA help could reassure Britons that there is a way to manage.
But almost a fifth of people claim they do not have the time to worry about money.
Commenting, Dax Harkins, senior savings strategist at NS&I, said: "Setting aside a few minutes a week is all it takes to review your money situation."
If the results of such a review look negative, one way to get finances back on track could be through an IVA. As well as freezing interest on unsecured debt, an IVA can merge monetary commitments into one monthly, more manageable repayment.
By Chris King
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- An IVA could clear your debt, allowing you to save for your kids' futures
