Brits are 'burying their heads in the sand'

Date: 16th May 2011

Small business owners in the UK may be interested in the results of a new survey of Britons' personal finances.

New research has suggested that Brits are burying their heads in the sand when it comes to their finanancial situation.

Some 17 million adults (35 per cent) admit to neglecting their finances, the second annual Scottish Widows Priorities of Life Index found.

Of these, 21 per cent explained this was because they had too much debt to feel financially secure, while 32 per cent said they are not paid enough.

Further to this, a quarter (25 per cent) confessed they simply try not to think about money in their day to day lives.

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

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