Britons aren't sorting out their financial services

Mon, 29 Oct 2007

Many UK residents take the ostrich approach to their financial services and bury their heads in the sand, recent research has indicated.

According to insurance group AXA, Britons spend a greater amount of time in the office conducting their social life through the web and with mobile phones than they do checking their finances are purring.

This is despite the large number of often complex financial service that UK residents rely on every day.

Millions of UK adults hold mortgages, personal loans, credit cards and bank overdrafts - all of which can benefit from regular attention to ensure the best deals are taken and debts do not spiral out of control.

Pat Brady, a spokesperson for AXA, suggested that this wasted time is a key reason for the financial insecurity into which many Britons find themselves propelled each year.

"A lack of motivation to deal with financial matters is arguably at the heart of our country's enormous personal debt problem," he remarked.

Last week the National Association of Pension Funds backed the proposals to give generic personal finance to employees in the workplace.
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