Many Brits feel their finances have gone sour – living expenses strain their income.
Nearly 40% of adults feel their finances are in chaos. They feel that bills, taxes, and transportation costs are putting a strain on their income.
A survey of 2,000 UK adults revealed that 27 percent are currently in unsecured debt. They estimate it will take them three years to pay it off.
79% are concerned about their debt levels, but 87% feel they know how to reduce them.
The research also found that older generations are more likely rely on credit card use, with 70% of 55-64-year-olds and 62% of over 65s having at least one.
However, credit card users who use credit cards monthly are more likely to use them for transport and food, while those younger than 34 can pay for subscriptions, childcare, mortgage or rental payments.
Mark Gregory, CEO & founder of Equity Release Supermarket, which commissioned the research having recently launched smartER – a personalised equity release comparison tool – said: “The nation is facing a cost-of-living crisis, which is having a compounded impact on people’s finances and seeing more and more hit by debt and struggling to fill the void.
“Our research has shown that many are in need of support, and perhaps most shockingly have never reached out for help to gain the financial advice they fundamentally require.
“But it’s important to seek help sooner, rather than later, otherwise things can become overwhelming and there are several ways in which people can ease and improve their financial outlook, with equity release being a possible solution.”
The study also revealed that 40% of adults have financial goals for the future.
72 percent feel that rising costs of living have impeded them from achieving their goals.
Despite this, 59 per cent haven’t sought help from a financial advisor as they don’t feel there’s a need (38 per cent), can’t afford it (29 per cent) or don’t know who to trust (18 per cent).
Ask an expert
It also emerged 28 per cent of over 65s who aren’t yet retired aren’t confident that what they have put away will be enough to support their lifestyle in retirement.
And 70 per cent of this age group are concerned about the amount of money they’ve accrued as part of their pension pot.
The research, conducted via OnePoll, also found that 31 per cent of homeowners aged 50 and over aren’t familiar with equity release.
Only 21 percent of those who are familiar have used it to increase their retirement income.
Mark Gregory added: “Nobody wants to be in debt, but there are ways to manage it and ensure it doesn’t cascade into a more complex situation or restricts people from living out their future plans.
“Whether that debt is from one-off or regular payments, there are things people can do to tackle it, and for some, equity release could be the solution which reduces the pressure of monthly repayments.
“Our study has shown that many haven’t even considered equity release, or if they have, they have been hesitant to make the first step into taking out a plan, perhaps because they don’t have the information available to them.
“However, smartER allows people to search for the best equity releases plans on the market that meet their needs and gain personalised details in a time and under their control before they need to speak with an adviser.
“People shouldn’t be afraid to look into other ways to cover their finances and turning to an expert – rather than trying to muddle through on their own.
“Whilst it’s not the only option to support your debt, children or provide an enhanced retirement, equity release could be beneficial and should always be considered with the right financial advice.”
[Denial of responsibility! newsanyway.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – at newsanyway.com The content will be deleted within 24 hours.]