22 May 2009
There is growing concern about paying of credit card and loan debts in the current downturn, according to a chartered financial planner.
Philip Stevenson, Chartered Financial Planner for Ark Financial Planning, claims that a culture of debt has developed in the UK over the last ten years.
As a result, saving has fallen off many household's financial planning radar, with figures from the Nationwide Savings Index revealing that less than half (47%) of consumers save regularly.
Moreover, a quarter of Brits save nothing at all, figures show. Mr Stevenson suggests that this move away from saving underlines the growing awareness of debt management among Brits.
He said: "I think we are in a position now where people are more concerned with paying off debt rather than saving.
"It's got to be a good thing to reduce the debt levels. That's a more attractive proposition than saving anyway."