17 million Britons neglect their finances

Published on in Best Bank Accounts by

17 million adults in the UK admit they neglect their finances and many would benefit from more time to take care of ‘life admin’, according to the second annual Scottish Widows Priorities of Life Index.

Of the many millions who would like to spend more time on their finances, 21% said it was because they have too much debt to feel financially secure. That works out to around 3,500,000 people with debt worries.

32% say they are not paid enough – but perhaps the most worrying figure is the 25% who admit they try not to think about money on a day-to-day basis.

Ignoring money problems might seem like the easiest option in the short term and it’s pretty understandable when you consider that so many people have busy lives, with work and families to take care of, so they simply don’t find the time to get their finances in order.

In addition, managing spreadsheets and going through receipts can be tedious as well as time consuming, which could be one reason many people choose to ignore it.

However, by ‘burying their heads in the sand’, people could be risking problems with money later on – particularly in the event of redundancy, illness, or a change in circumstances such as an addition to the family.

Planning ahead for these events, putting money into savings or purchasing income protection could help – and it might be particularly important if you have debts you need to repay.

If you are one of the four million or so who try not to think about their finances on a day-to-day basis, you might find a think money Personal Account could help.

This account helps people budget for their bills without having to ‘juggle’ spreadsheets and worry about all the admin themselves.

There is a monthly fee of £14.50 for the service provided by think money. Joint accounts are also available for £21.25 per month.

The account also features payment forecasting, which means thin kmoney could predict (up to three months in advance) if you will have a shortfall that could prevent your bills being paid. That kind of notice could help you to plan ahead and avoid missing important bill payments – and the budgeting help it provides can make managing your finances a lot simpler.

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