Brit singletons 'not in control' of their finances

18 January 2006
A tenth of Britons have admitted that they are not in control of their finances, according to new figures.

Single Britons are finding it increasingly difficult to manage their money adequately and one in four do not think that their current spending levels will have an impact on their future lives.

This compares unfavourably with one in five Britons in the wider population who do not think their present finance management will affect their future.

"Retirement seems a long way off when you are in your late 20s or early 30s but if you don't start planning for your pension in time, it will have a serious effect on your future lifestyle," said David Elms, chief executive of IFA Promotion, which undertook the research.

The company's research also found that around 40 per cent of young singletons have gone through a financial crisis, compared with just 28 per cent of those who are married.

Despite the fact that many Britons experience financial difficulty at some point, around half are still reticent about their savings with 70 per cent saying they could not save any more than they currently do.

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