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Credit card charges: Fifth of Brits do not feel financially secure

Consumers who are suffering from credit card charges may be among the fifth of Brits who do not feel financially secure.

According to research by Scottish Widows, 17 million adults in Britain (35 per cent) say that they neglect their finances.

A third (33 per cent) say that they have less than two hours per day to spend on administration outside of their normal routines.

Those who do not feel financially secure believe that this is because they have too much debt. Some 32 per cent of people said they are not paid enough and 25 per cent try not to think about money during their day to day lives.

Iain McGowan, savings expert for Scottish Widows, says: "Our financial security and savings are suffering as we struggle to prioritise what really matters when it comes to financial stability.

"It's extremely worrying that so many people bury their heads in the sand."

The research also revealed that 11 million people say they cannot afford to save more money than they are at the moment.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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