Borrowers need more financial education to sort out their finances

More than two in five persons in the UK are worried over their financial status. But, a majority of them says that they have not taken any step to improve up on the matter. Availability of easy loans, whether secured or unsecured, have made the matter easy for the borrowers who prefer to spend without giving due consideration to savings.

[ClickPress, Thu Jun 15 2006] A research from National Savings & Investments (NS&I) shows that nearly 43 per cent of Britons are concerned about their financial matters. However, most of these have not taken any initiative to improve their finances.

Since all types of secured loans and unsecured loans are easily available in the UK financial market, many Britons prefer to spend now and worry about savings later.

Instead of taking some action to improve their finances, some 21 per cent of Brits prefer to spend as and when need arises without worrying for the savings.

Dax Harkins, senior savings strategist at NS&I said that the research revealed an underlying fear of getting to grips with the essential day-to-day management of personal finances, from household bills through to credit card debt and savings. Harkins further said that there was an obvious big need for more accessible financial education to help people get over their fears and sort their finances out.

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