Some britons 'not far from financial crisis'
Sep 29, 2006
Poor financial planning means many Britons feel that they are just one pay cheque away from financial crisis, new research shows.
While one in ten working Brits are concerned about their finances and feel that they are in imminent danger of losing their job, over one third say that they have little or no savings to tide them over if they cannot work, the report from Prudential reveals.
This leaves many adults in the UK vulnerable to being unable to afford living costs and debt payments, such as repayments on personal loans, if they lose their job or are unable to work.
Only a quarter of those surveyed said that they would be able to rely on financial support from their friends or family if they were unable to work.
Less than 10% of the people surveyed said that they had budgeted financially for jobless or illness periods. But this leaves them in a precarious position and possibly only 30 days from financial crisis .Experts now advise people to contact a financial adviser or work with professional firms to plan their finances, in order to achieve their everyday financial needs and to secure their future.
Many Britons are more worried about their financial futures than ever with UK unemployment levels at a four year high, combined with rising levels of debt, which has prompted some adults to take out loans such as debt consolidation loans in order to manage their finances.
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