Brits are more concerned about their finances

Almost half of the British public, including those seeking the best savings interest rates, are more concerned about their finances than they were six months ago.

According to a study by unbiased.co.uk, 47 per cent of Brits claimed that their level of concern for their financial situation has increased in the last six months, with over a third of those worried about their savings in particular.

Some 39 per cent of people said they are currently concerned about savings, while 29 per cent noted that planning for retirement and pensions are their biggest worries.

It is clear certain generations have different financial priorities and, as such, differing concerns, with mortgage payments an issue for 22 per cent of 18 to 34 year olds but only a worry for seven per cent of over 55s.

However, worries about long term care provisions and investments were cited by almost a quarter of over 55s, despite only around ten per cent of 18 to 34 year olds having similar concerns.

"Given the economic climate over the last few years, financial planning should be at the forefront of everyone's minds. Careful planning could make a real difference to both your current financial situation and also securing your future," said Karen Barrett, chief executive at unbiased.co.uk.

She explained that to mark Financial Planning Week this week, Brits should do what they can to get their money in order, whether that involves taking stock and budgeting, finding the best savings interest rates or speaking to an independent financial advisor.

David Rodger, managing director of registered UK debt charity Debt Advice Foundation, seemed to echo these findings and claimed that more people are struggling to make ends meet in the current climate.

He explained that more people are getting into debts and then turning to advice charities as people are feeling their finances squeezed. 

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2011-11-14 13:18:20 © Moneyextra.com