Brits unwilling to face their money problems

The recent research by Scottish Widows Priorities of Life index has uncovered the worrying finding that one in five (22 per cent) British citizens bury their heads in the sand when it comes to financial problems.
Debt is overclouding financial welfare, with 22 per cent of respondents admitting that too much personal debt is the main cause of their feeling financially insecure.
The research makes it obvious that even despite the fact that the UK may officially be out of recession, its citizens are still financially insecure because they have neither time nor money to deal with their financial troubles.

It appears that 36 per cent of respondents are not prioritising their financial security enough, and 24 per cent are more afraid of doing nothing about their financial security than anything else.

Whereas 39 per cent say put aside their commitment to saving for the time being, 11 per cent wish they had more time for saving for the future. The majority (58 per cent) of people who are not assigning a priority to their funds explain this by their inability to afford to save as much as they would like to right now, and a third (32 per cent) can only pay attention to their short term finances at present.

Moreover, although the average working day of British citizens is some of the longest comared to other European countries, the research demonstrates that 37 per cent of Brits are not focusing on their careers enough right now. Despite the fact that many people are worried about job security, 38 per cent say that to their regret this is not of the highest priority in their lives.

Alison Morris, savings expert at Scottish Widows,  says  that the financial security, savings and careers of the Brits are suffering as they make strenuous efforts to assign a priority to what is really important when it comes to financial well-being. Although they are all aware of the necessity of saving and taking care about financial concerns, a third of British citizens confess that their financial security is not being prioritised enough.
 


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The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.