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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