As few as 16 per cent of British adults expect their personal finances to worsen over the next six months
As few as 16 per cent of British adults expect their personal finances to worsen over the next six months, a new report the insolvency trade body, by ComRes and R3, has shown. 26 per cent of British adults in the report expect their finances to improve. This is the lowest level of financial pessimism and the third highest level of financial optimism in the UK, respectively.
The report is not all good news, however. Across the UK, 79 per cent of adults admit they struggle to make their finances last until payday. The report also shows that 49 per cent of British adults are worried by credit card debts, 24 per cent are worried about mortgage repayments, 20 per cent are worried about overdraft repayments, and 14 per cent are worried about having to borrowing money from family and friends. The report continues to show that 23 per cent of British adults haven’t got any savings at the moment.
William Ballmann, chair of R3, has commented on the report. “The improving economy is finally starting to affect how British adults see their own personal finances,” Mr Ballmann said to the press. “It’s taken a while, but the personal finance picture is finally looking up after years in the doldrums… [However] given the sizeable number of people already worried about their debts, it’s a concern that the Office of Budget Responsibility expects the gross household debt to income ratio to exceed 170% by 2020.”
Trust Deed Scotland, a provider of debt advice for the people of Scotland, takes a keen interest in reports such as this. A senior spokesperson has commented on this report, saying “While this report is predominantly positive, it’s important to remember that it applies to people all across the UK. Some areas will naturally be more or less pessimistic about debt based on their financial situation, whether they are in London, Edinburgh, or anywhere in-between.
Debt is still a huge problem for the people of Scotland, and as the report shows, people are still struggling greatly with their debts. If you’re struggling with your debt problems, make sure you seek independent debt advice today.”
Trust Deed Scotland® Ltd is a leading debt advisory service for Scottish residents. They are 100% owned and operated in Scotland, with a 98% trustpilot rating owing to their free, qualified debt advice. They are able to advise on the suitability of Trust Deeds and a number of alternatives, including The Debt Arrangement Scheme, Debt consolidation and Sequestration.
This press release was distributed by ResponseSource Press Release Wire on behalf of Trust Deed Scotland in the following categories: Personal Finance, Business & Finance, Public Sector, Third Sector & Legal, for more information visit https://pressreleasewire.responsesource.com/about.