Over 80% of Brits worried about their financial future

According to a recent report over 80% of Brits are concerned about their financial future, and around 30% are concerned that they will not be able to cope financially for much longer.

A recent survey showed that 84% of Brits were worried about their future finances.

The effects of the credit crunch, tighter credit conditions, and rising living costs have all taken their toll on household finances, and this has resulted in a bleak outlook for most consumers when it comes to their financial futures, with many also worried about the effects of the recent budget.

One official said: ‘There is little doubt many Brits will find their annual road tax as high as the value of their car as from next year, creating a massive headache for people who are really struggling. These are some of the unintended but very real victims of the Budget. People from all walks of life and income levels are feeling the pinch from rising bills and taxes.’

Another said that it was vital that those struggling with their finances contacted creditors to sort things out, stating: ‘Anyone starting to worry about their financial situation shouldn’t bury their head in the sand - problems are easier to tackle when addressed early. People should start by gathering their paperwork and working out the true scale of their problems. From there they must prioritise bills and pay the essentials such as mortgage or rent first. Non-essential items such as magazine subscriptions and pay-TV might have to be sacrificed.’