Apathetic Brits do nothing to improve their financial situation

Published on 1 January 1970 by Raffick Marday

Despite 3 out of 4 Brits worrying about their money, a new study reveals that many of them do nothing to tackle their financial concerns. Comparing banks account and credit cards is the first step to finding the best financial services available.

Despite 72% of Brits (up to 35 million) currently worrying about numerous financial issues, 38% of this group (13.5 million) still haven't got anything in place to improve their situation, the latest research by the advice website Unbiased.co.uk reveals.

The age bracket displaying most apathy about their finances is the 35-54 year olds; with 41% of them having done nothing to confront their financial concerns.

However, the most common actions for worried British consumers who decide to take action include starting a savings account (22%), changing the way they save and invest (20%) and making a tax-efficient investment such as an ISA (13%).

Top financial concerns

39% of those surveyed said they worry specifically about their savings and 29% fret about their personal retirement planning and pension provision.

Other common concerns include long-term care provision (16%), mortgage arrangements (14%), investments (13%) and saving for children (11%). In contrast, 23% of Brits say that they don't have any personal financial concerns.

These worries could be relieved by knowing and comparing bank products in order to make the most of the money you put in bank accounts or spend on credit cards.

A recent study commissioned by Lloyds TSB suggested that a lack of knowledge and basic information when it comes to the products available could be costing millions in Britain.

Most British consumers don’t actually know what their current rate of interest on their bank account is. This ignorance is making them lose an average of £148 on an annual basis, or £444 over a three year period.

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