Financial freedom ‘lasts just seven years’

Most Britons are keen to be financially comfortable and independent, but for most that experience only occurs for a period of seven years.

Most Britons are keen to be financially comfortable and independent, but for most that experience only occurs for a period of seven years.

This is the conclusion of a study by Skipton Building Society, which has found this period applies to the years between the ages of 58 and 65.

It said this is the time when adults have finished paying off their debt, cleared the mortgage and no longer have any dependent children to look after, but have just a few years left of earning money before they retire.

The building society's poll of 1,000 people found most people in their 20s, 30s and 40s had little disposable income.

Skipton's head of corporate communications Tracy Fletcher commented: "Our survey also highlighted the fact that, particularly in the current climate, it's more important than ever for people to get on top of their finances when they are younger."

Young people are currently increasing their reliance on credit, according to a recent study by MoneySupermarket.

It found 19 per cent of those aged 18 to 34 have used more credit this year than in 2011, compared with 13 per cent using less.

Posted by Paul Thacker

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