Brits are neglecting financial wellbeing, report shows

Date: 12th May 2011

Business owners and other workers in the UK could be tempted to seek advice about their tax affairs following the publication of a new report.

Research published by Scottish Widows has revealed that 17 million Britons admit that they are neglecting their financial wellbeing.

Figures from the report showed that 21 per cent of respondents feel their debt levels are too high for them to feel "financially secure".

A further 19 million people believe that saving is not high enough up on their agenda.

Time is a major factor in the negligence, with 33 per cent of people saying they have less than two hours per day to spend on "life admin".

Iain McGowan, savings expert for Scottish Widows, said: "Our financial security and savings are suffering as we struggle to prioritise what really matters when it comes to financial stability.

"We all know how important it is to save and make time to look after money worries, but 35 per cent of all of us admit our financial security or savings are not being prioritised nearly enough."

Posted by Emily Smith