Future of debt for financial fantasists
National Savings & Investments (NS&I) has warned that many Britons are facing a future of debt by not planning ahead.
According to the financial services provider, a third of consumers base their plans on expected pay rises with no guarantee of them materialising.
NS&I advises that a wiser approach may be to set some money aside to help prevent encountering debt problems in the future.
Meanwhile, the majority (55 per cent) of respondents stated that they have no financial plan in operation whatsoever.
Senior savings strategist Dax Harkins cautions: “It’s a real concern that such a high percentage of people haven’t made a financial plan for their future.”
“There’s never any guarantee that people will earn more as they get older,” he adds.
NS&I’s quarterly savings survey revealed this month that Britons currently have their lowest aspirations to save for two years.
For those consumers already in the red, a debt buster loan may seem the best solution to get back to a position from which to start saving.
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