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Debt management a priority 'for one in eight'

Debt management a priority 'for one in eight'

- Monday, 20 April 2009

Seven out of eight people choose to spend their money on their pension, starting a family, having a good time, or buying a house or car, rather than to manage debt, it has been revealed.

Figures from financial services provider Halifax show that 12 per cent of people prioritise debt management with the money they have coming in.

But the remainder could find it more difficult to manage debt as they prefer to put their money towards other avenues.

Halifax notes that some of these pursuits can be investments - such as a house, car or pension.

For as many as one in three men, however, going out is considered to be the single most important reason to spend money.

"Men and women clearly have very different views when it comes to priorities of saving for their retirement," comments Karen Crowshaw, managing director of Halifax Financial Services.

Previous figures from the firm show the impact the internet may have had on Britons' ability to manage their finances.

Some two-thirds of men say they now prefer to check their account online, compared with fewer than half of the women surveyed.ADNFCR-2300-ID-19128399-ADNFCR
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