Most Brits ‘lack financial plan’

As debt management difficulties worsen nationwide, the firm’s latest quarterly savings survey shows that a further 11 per cent of people have only a “very vague” strategy when it comes to dealing with their money matters.

Furthermore, around a third of those polled by NS&I indicated that they do not worry about their financial issues because they expect to earn more money in the future, or else they anticipate some kind of windfall or feel they can always access more credit when they want it.

“It’s a real concern that such a high percentage of people haven’t made a financial plan for their future, and even more worrying that a significant number are basing their financial security on their future earnings potential,” said Dax Harkins, senior savings strategist at NS&I.

Figures from Citizens Advice show that more than 1.4 million people approached their staff for debt advice over the course of last year.