Indebted people ‘should set themselves goals’

People suffering from money troubles should set themselves saving goals as one way of motivating themselves and perhaps clearing some of their debts, it has been suggested.

Nick Cann, the chief executive for the Institute of Financial Planning (IFP), emphasised the importance for savers of ensuring they have given themselves something to work towards, after results from an IFP survey revealed that 28 per cent of people considered their pay cheques as an opportunity to “splurge rather than save”.

In support of this view, financial planner with Forty Two Wealth Management Alan Dick remarked that the nation as a whole does not save enough and has been choosing to spend for a generation, rendering the level of household debt too high to be viable in the long-term.

Mr Cann and Mr Dick’s comments follow a recent statement by Citizens Advice, which revealed that the number of calls from people with debt problems has risen to over 9,000 a day.

By Sarah Adie