For many people these days, the financial pressures are mounting up with a huge number of people struggling to keep on top of their finances and many finding it hard to keep up with payments on bills and rent or mortgage never mind additional debts such as loans, credit cards, overdrafts and other forms of unsecured debt.
A recent study has been carried out with the results showing that it is actually people that are in their mid-thirties to their mid-forties that tend to face the greatest level of financial pressure and debt. Between these ages, according to the study results, spending on credit cards and mortgage repayments is higher than at any other time of the life. The study was carried out by Standard Life.
Between the mid-thirties and mid-forties overall spending on bills, debts and household financial commitments reaches around £1160 per month on average. Mortgage repayments account for around £600 whilst credit card payments account for about £350. However, when it came to loan repayments, not including student loans, it was actually people aged fifty five and over that were under the most pressure.
The data was revealed as part of a report entitled Your commitments, Your Future, which is part of a wider campaign to help people to develop greater understanding with regards to financial commitments at different times of life.
Tags: different times, credit card, credit cards, financial commitments, term financial planningAn official from Standard Life said: “This understanding can help substantially with planning our personal finances so that we can feel confident about the future and achieve our goals. If people were to dedicate more time to their long term financial planning, they wouldn’t just be better off financially, they’re likely to be better off all round.”
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