‘Brits fear for their financial future’

With debt management problems facing millions of consumers, new research has shown that many thousands of Britons fear for their financial future.

Figures compiled by YouGov on behalf of Scottish Widows demonstrate that around a quarter of all British consumers count future financial woes as their single greatest cause for concern.

However, the same study also discovered that spending money was the fourth most popular way to find happiness among the 2,339 adults polled.

Mike Hoban, customer and brand marketing director at Scottish Widows, said: “The nation has a head-in-the-sand approach to money – we’re putting off thinking about our fears until ‘tomorrow’ while we live for ‘now’ – but it doesn’t stop us from getting increasingly stressed as these worries niggle away.”

The average amount of money owed by a British adult stands at around £28,600, according to figures from Credit Action.