Out-of-habit savers facing mounting debt problems
Out-of-habit savers facing mounting debt problems
- Thursday, 12 November 2009An increasing number of Britons could find themselves seeking
debt help as a result of breaking their saving habit.
However, while economic conditions may be tough, people should try and get back into the process of putting a little money aside on a regular basis.
David Kuo, director of Motley Fool, said that even though saving was not as easy or as attractive as in the past, people who had saved before had the ability to engage in it once more.
He commented: "The attraction to save, in other words the interest you are earning on your money, is not there.
"People have got out of the savings habit and they need to get back in again. Then it becomes like riding a bicycle; you get more comfortable as you do it."
Mr Kuo made his comments following research from Santander, which revealed that 28 per cent of families have no savings or investments, while a further 20 per cent have less than £1,000.
Recent Debt Management Plan News
56% of Brits have no life insurance which could leave family with debt problems
Wed, 04 May 2011More than half of UK adults currently have no life insurance cover, which could mean their loved ones are left with
debt problems when they die...
Brits thinking about retirement advised to seek debt advice
Tue, 03 May 2011Consumers considering their retirement options have been advised to seek professional advice, as they may end up with
debt problems in the future...
Brits planning to attend a wedding should start saving to avoid debt problems
Thu, 28 Apr 2011Consumers concerned about getting into
credit card debt to pay to attend a wedding may want to use their savings instead...
Couples planning their big day can avoid debt problems by negotiating a cheap wedding
Wed, 27 Apr 2011Couples-to-be worried about needing
debt advice in the future after paying for a wedding can ensure they avoid accruing
debt problems by negotiating a cheap wedding...