It seems that more of us are thinking about debt management instead of saving for the future. According to Ark Financial Planning, more of us are deprioritising the need for saving in order to repay our debts faster.
The belief is the current economic climate means that more of us are likely to want to get our debt management under control, as we move away from the “debt is good” culture that was found in the UK prior to the start of the credit crunch.
These findings have been boosted by the results of the Nationwide Savings Index who report that less than one in five of us now believe that it is a “good time” to save.
Chartered financial planner for Ark Financial Planning, Philip Stevenson, commented: “I think we are in a position now where people are more concerned with paying off debt rather than saving. It’s got to be a good thing to reduce the debt levels. That’s a more attractive proposition than saving anyway.”