Shocking figures show true state on Britons finances

May 18, 2007

Shocking new figures have been released which shows why experts fear for Britons finances. We all know that the level of debt is becoming ridiculous, but these new figures show that unless something changes and soon, we are only going to make things worse for ourselves.

One figure which is particularly shocking is that there are actually more credit cards in the UK than there are people. This is because people do not just stop at having one credit card. Some people have up to four cards and that is when the really big debt can start to mount up.

Also the way in which we are spending is extremely dangerous as if anything were to go wrong and we had no finances coming in, most of us could only last for a mere 17 days. So if you became unemployed for example, most of us would not have the means to even survive for one month. This is because of high mortgages, severe amounts of loan and credit card debts and the various buy now pay later offers which we believe are an excellent idea at the time.

The most shocking figure from the study is the fact that 15% of people aged 18-14 thinks that an IVA is an Ipod accessory. This just goes to show that many people have no clue about their finances and about financial jargon.

Overall the figures show that most Britons do not have a clue about finances or savings. 1 in 3 people failed to save anything in 2006 and that is an extremely poor sum in this day and age where saving is essential if you want peace of mind. Some people are starting to take a more mature approach to their finances which is an extremely good sign, but this lack of knowledge is still off-putting and it makes you realise that more education is needed when it comes to credit cards and borrowing.