CREDIT CARDS

Brits become increasingly concerned about their finances

Almost half of British people are more concerned with money than they were six months ago, a recent survey has found.

New statistics from financial advice website unbiased.co.uk suggest that 47% of Brits have more concerns over their personal financial situation, leading many to increasingly rely on credit cards.

The survey was undertaken as part of Financial Planning Week, which starts on Monday 21 November.

Top of the list of financial worries is savings, with two out of five people identifying this as their main concern. A close second is retirement and pension planning, with 29% of people worried about the future.

The survey also found that almost a quarter of over-55s were troubled by long-term care provisions and retirement plans.

Other issues topping the list of peoples’ concerns were mortgage arrangements, investments and saving money for children.

"Given the economic climate over the last few years, financial planning should be at the forefront of everyone's minds. Careful planning could make a real difference to both your current financial situation and also securing your future,” said Karen Barrett, Chief Executive at unbiased.co.uk.

"Mortgages, pensions and savings for children are just a few of the pressures and considerations facing consumers right now and therefore imperative for people to get as much information and help as possible to get on track. Financial Planning Week is the perfect time to start and finding an independent financial adviser has never been easier.”

More and more people are relying on credit cards to help them through their financial difficulties, especially in the run-up to Christmas. Research has shown that 60% of Brits are worried about the extra squeeze Christmas will have on their bank accounts.

But many banks are offering credit cards with specialist cash-back reward schemes for the festive period. There are currently 13 credit cards on the market offering cash-back incentives.

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