by News Team on January 28th, 2015
Debt management charity StepChange has revealed the results of a survey that makes clear the worries people in Britain have about their personal finance.
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It recently conducted the research as part of Debt Awareness Week and found that a total of 43 per cent of those who took part did not have a clear idea of what their outgoings actually are in relation to their income.
Meanwhile, an additional 13 per cent stated they did know how much they were able to realistically spend, but found they were often incapable of sticking to this on a month-by-month basis.
The charity said that seeing such results at a time when the cost of living crisis is being heavily discussed is a worrying sign. Chief executive Mike O’Connor explained that the charity believes a budget is “vital” for members of the public to manage their personal finance correctly and stay out of the red.
He went on to say that although the economic situation in the UK appears to now be on the right track, it is still a fine balance for many residents to keep their finances in order.
Mr O’Connor commented: “Many people are living on the edge of their financial means and even a small reduction in income or increase in living costs can tip them into problem debt.
“It is crucial that people do not feel scared or embarrassed by having a money problem, but instead take positive steps to bring their finances under control.”
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