The Bradford and Bingley has released results of a survey they undertook, claiming that one in three of us cannot support the lifestyle we live. Almost a third of the people surveyed said they could not live on their salary and 16% lived for the moment and were not concerned about the future. But, over 20% said they did not live beyond their means each month.
Our View
Debt is a huge issue in the UK, caused in some respects because of low interest rates and credit being more available. For those people that currently live beyond their means, they need to reassess their finances and make sure that expensive products such as mortgages, loans and credit cards are on the best rates possible.
For the 16% that live for today - great! But, you might want to think about how much the State will provide when you have to start living for tomorrow.