BANK ACCOUNTS
Only a third of Brits confident about their finances
Just one in three people are confident that they will be able to keep their finances on track in 2012, new research has found.
The research, carried out by National Savings and Investments (NS&I), showed that 33% of people were unsure about the future.
This has been put down to the escalating Eurozone crisis and rising inflation putting pressure on peoples’ budgets.
The poll was part of a series of daily surveys carried out as part of Financial Planning Week, a campaign organised by The Institute of Financial Planning.
Financial Planning Week, which has been running since Monday 21st November, aims to educate people about the importance of financial planning.
"Today's result proves how difficult it is for people to predict what might happen with the economy, and their own household finances, next year. Strong leadership is required to take bold decisions to improve the position with the Eurozone,” said Nick Cann, CEO of The Institute of Financial Planning.
“For people in Britain who are feeling the pinch when it comes to the family budget, underpinning this uncertainty is the need to have a Financial Plan to work through the next few years of economic uncertainty.”
Essential bills and inflation
It was revealed recently that Brits spend over a quarter of their monthly income on essential bills. Inflation dropped slightly this month to 5%, but it still much higher than the Bank of England’s target of 2%.
With inflation pushing up food prices, energy bills, and transportation costs, many people are feeling the squeeze on their bank accounts.
"Given continuing uncertainty in the Eurozone and modest economic growth at home, it is unsurprising that many people are not sure whether they will be able to keep their finances on track in 2012,” said John Prout, Retail Customer Director at NS&I.
“When money is tight, it is all the more important to think ahead about finances in order to keep wider plans for the future on track.”
Tags: BANK ACCOUNTS, basic bank accounts, cost of living, financial confidence, financial crisis