Millions are concerned about personal finances Nearly three million low earners worry about cash
16 April 2009
The number of low earners who worry 'all the time' about their personal finances has doubled in two years.
Nearly three million people earning between £12,000 and £27,000 are now worried about their cash flow all the time. A poll by think tank the Resolution Foundation also revealed that fewer people are willing to face up to financial woes. Just 29% of respondents would go to their bank or building society for financial advice, compared with 45% in 2007. Of more concern, just 20% of people said they'd use an independent financial adviser (IFA), compared with the 32% who'd do so in 2007.
Resolution Foundation research reveals that better access to financial advice could leave lower earners up to £60,000 better off by the time they reach 60-years-old. Resolution Foundation chief executive Sue Regan said: 'Our research has revealed low earners fall into an advice gap, not attractive to commercial providers of advice nor receiving support from existing voluntary provision.'
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