A recent report by BACS, has confirmed our fears that we are a nation of spenders and the average debt for each adult in the United Kingdom is £27,180 and mortgages are included in this.
It would seem that most of us like to treat ourselves, even when we cannot afford to or have to juggle other financial commitments. Many people would rather buy now and pay later or borrow money instead of saving what they would like. This appears to be more common among men. However, the younger generation, 16- 24 year olds, prefer to pay in cash as do the over 65’s.
Our view
As financial products become more complex, we are less likely to save and most of us have the attitude of not bothering to fuss about future financial planning. Education is key and people both young and old need to find a balance between living for today and planning for tomorrow.