For Your Protection and Peace of Mind
All our loans & procedures are approved and qualified by our fully experienced compliance team to ensure they meet our high standards and comply with all current regulatory requirements
 News |
|
Search Categories |
| Archive News |
Brits advised to stop spending beyond their means
British people have been urged to stop spending beyond their means after research from Schroder's revealed that 31 per cent of UK adults have relied on their savings to support their income.
George Ladds, head of investment and pension research at Fair Investment, says the figure clearly shows that people are not just using their rainy day fund but long term savings are being used and that is simply not sustainable.
He added: "Dipping into savings every now and then for an unforeseen expense is what emergency savings are there for and they should always be built back up again ready for another rainy day."
Mr Ladds believes that families should follow the example of the government as the need to tighten their belts is a very real one as if spending continues as it is it will put a massive strain on peoples finances.
The first area which needs attention is the monthly budget as too many people are failing to go back to basics, savings can be made on home insurance, utility bills and mobile phones, said Mr Ladds.
Recent Scottish Widows research revealed that almost one in ten adult children have had to bail out their parents in the past year.