Mar 4, 2010 Comments Off
Are you in control?
A study conducted on behalf of F&C Investments, which involved questioning 3,000 Britons between 35 and 45 years of age, has revealed that over half ‘do not feel fully in control of their finances’. A further 36 were found to feel ‘a degree of control’ whilst 14 percent admitted that they ‘did not feel at all in control’.
With regard to the gender divide, the study uncovered that 61 percent of men felt in control of their finances, whereas this was the case for 43 percent of women. Furthermore, of the respondents with debts, a third were reportedly either ‘a little worried’ about their level of borrowing or were ‘finding it hard to keep up with repayments’
Findings also showed that virtually a third of those questioned have ‘enough rainy day cash on deposit to fund several months’ outgoings’. This was found to be the case for 40 percent of men and 27 percent of women; however 34 percent of women and a quarter of men do not possess any savings at all. In relation to investments, the study revealed that three quarters of women, and 58 percent of men, do not have any aside from cash on deposit and any pension arrangements.
When respondents were asked about their intentions for the coming year, 41 percent reportedly explained that they were not intending to increase their savings or investments. Nevertheless, the study showed that 35 percent of men and 26 percent of women would open a savings account or increase the amount that they save. Additionally, it was found that 17 percent of men and 3 percent of women would ‘put more in unit trusts / OEICs, investment trusts or shares’.
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Homeowners who are looking to re-organise their finances, particularly any existing credit, could consider taking out a secured loan. One of many finance options available, a secured loan for consolidation could allow borrowers to replace multiple monthly repayments with just one. What’s more, this single monthly repayment could even be lower than the sum of current outgoings – thus lowering monthly outgoings. However, if opting for a secured loan to consolidate credit, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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