People increasingly seeking advice to prevent debt worries?

It appears many people in the UK are seeking advice in an effort to prevent them experiencing debt concerns in the future.

According to Unbiased.co…

It appears many people in the UK are seeking advice in an effort to prevent them experiencing debt concerns in the future.

According to Unbiased.co.uk’s latest Advice Drivers report, 54 per cent of consumers searching for independent financial guidance sought help on personal retirement planning in October.

The news comes as the government turns its attention to the pension system in the UK – which includes proposals for a universal state pension rate of £140 a week and a desire to set up a National Employment Savings Trust.

It was discovered that the number of people seeking advice in this area rose by six per cent from the month before.

Moreover, it seems the announcement that the Junior Individual Savings Account is to replace the Child Trust Fund has energised people into thinking about their current investment and saving strategies.

The number of individuals wishing for help on this subject swelled by 14 per cent in October – marking an all-round high for 2010 – the investigation revealed.

Furthermore, the study showed the amount of households seeking guidance on remortgaging escalated by 34 per cent during the four-week period, which marked a four per cent increase from September.

Karen Barrett, chief executive of unbiased.co.uk, observed: “With so many pension announcements being made by the Government in October, now more than ever, people are thinking about their pension options and what is available to them, particularly those nearing retirement age.”

However, the most recent figures released by Credit Action revealed total personal debt in the UK is increasing, with the figure now standing at £31,455 billion.

By Amy White

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