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Savings 'hampered by debt management'

Savings 'hampered by debt management'

- Tuesday, 2 June 2009

Britons are finding their efforts to manage debts leaving them with less money to put aside for a rainy day, reports Scottish Widows.

Over the past year, ten per cent more consumers have seen their debt management burden reduce the amount of money they have for savings.

From 32 per cent in 2008, 42 per cent - more than two in five - now cite their efforts to manage debts as a problem.

Savings expert at Scottish Widows Anne Young says: "We should all regularly review what we are doing as our ability to pay debts and save can change."

Both saving and managing debts could be wise in the present climate, which Ms Young claims has put money management under renewed focus as more households attempt to prepare for their financial futures.

Scottish Widows previously noted the effect children are having on their parents' debt management efforts.

The financial services provider estimated that two million parents in the UK have entered into debt in order to help their offspring with money.ADNFCR-2300-ID-19198040-ADNFCR
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