We're all doomed...
Two million households are living on a financial knife-edge, susceptible to an economic downturn, a Financial Services Authority (FSA) survey has suggested. A further half million households are already having difficulty paying bills and meeting debts, the report found.
The FSA identified a lack of consumer knowledge, particularly amongst the 18-40 age group, as key to low levels of saving in the UK. The FSA pledged £10m this year to boost financial knowledge amongst consumers.
-Seven out of 10 consumers have no savings in place to see them through a sudden drop in income
- 42% of working age adults do not have a personal or workplace pension, yet 81% recognise that the state pension will not be enough for them to enjoy a comfortable retirement
- Four out of 10 consumers who have an equity Individual Savings Account are unaware that its value can fluctuate with stock market performance.
Read On: Households on 'money knife-edge'
Two million households are living on a financial knife-edge, susceptible to an economic downturn, a Financial Services Authority (FSA) survey has suggested. A further half million households are already having difficulty paying bills and meeting debts, the report found.
The FSA identified a lack of consumer knowledge, particularly amongst the 18-40 age group, as key to low levels of saving in the UK. The FSA pledged £10m this year to boost financial knowledge amongst consumers.
-Seven out of 10 consumers have no savings in place to see them through a sudden drop in income
- 42% of working age adults do not have a personal or workplace pension, yet 81% recognise that the state pension will not be enough for them to enjoy a comfortable retirement
- Four out of 10 consumers who have an equity Individual Savings Account are unaware that its value can fluctuate with stock market performance.
Read On: Households on 'money knife-edge'
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