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Loan claims: Lawyers 'wished they had started saving earlier'

Many people are struggling to cope with loan charges or credit card claims and are reanalysing their outgoings because of this, with individuals in the legal profession being no exception.

In a study by Wesleyan for Lawyers, it was found 53 per cent of workers in this role would have preferred to start saving money earlier in their life.

Furthermore, 75 per cent claimed people in their sector are better at understanding investments than the general populace, with 90 per cent stating they have a good knowledge of Individual Savings Accounts.

Currently, 72 per cent of lawyers set aside some of their savings every month, with 62 per cent regularly reviewing their finances.

"In the current economic climate with low interest rates and high inflation, we would recommend that any lawyer who is saving primarily into a bank account reviews their investment options," Wesleyan marketing director Samantha Porter said.

The recent Personal Debt Snapshot from the Association of Business Recovery Professionals revealed 41 per cent of all people who have received professional debt advice wished they had done so at an earlier time.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt managementADNFCR-2776-ID-801337591-ADNFCR

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