Singles ‘feeling the strain’ financially

Singles are leaving themselves financially exposed in the current economic downturn, research from Zurich has revealed.

According to a study conducted by the company, 35 per cent are worried about the extra financial strain of not having a partner, while 70 per cent are yet to seek advice from a specialist regarding their finances.

However, the research also showed that being debt free is important to single Britons, with 45 per cent believing it is important to have no overdraft or outstanding credit card debt.

Business development manager at Zurich UK Life Tony Solomon showed that the research revealed there is a “real need” for financial advice among those who are single.

“An independent financial adviser can help to alleviate some of the stress and worry in making short and long term financial plans,” he explained, something which those looking to implement a debt management plan may wish to consider.

Norwich Union recently identified the so-called ‘sandwich generation’ – those caring for both their parents and children – as another demographic suffering in the credit crunch.

By Tom Musk