Britons ‘Would Rather Consult A Hairdresser’ On Money Woes
Keywords: debt, consolidation, secured, personal, loans
New research has suggested that the famous British reserve is still firmly in place across the UK, with many people holding back from discussing money worries and the possibility of debt consolidation loans with professionals when they find themselves in financial difficulty.
According to new research carried out by the Legal Services Commission, Brits are four times more likely to discuss their money worries with friends, family, or no one at all than to seek out professional help on the subject. Data collected by the commission found that less than one in five (18 per cent) would consider a professional adviser as their first port of call when needing to take out debt consolidation loans or make other financial changes.
John Sirodcar, head of Community Legal Service Direct, remarks: “It’s worrying that people, especially those that are most vulnerable, are not getting the financial and legal advice that they may need. While it’s natural for people to look to those they know to give them advice, well intentioned as it may be, this is clearly not always going to be the best advice.” Research suggests that seven out of ten (69 per cent) consumers’ first reaction when identifying a problem with money was to attempt to sort it out themselves. While around 54 per cent would consult family, friends or acquaintances, 18 per cent - the same number choosing a financial adviser - would instead turn first to their hairdresser, taxi driver, pub landlord or religious leader.
According to the commission, 330 people are being made insolvent in the UK every day while the nation’s personal debt levels increase by 1 million pounds every four minutes. The survey conducted by the organisation stated that those consumers aged between 18 and 25 are the group most likely to be concerned about their financial situation, with more than a third suggesting that they have experienced concern about the issue - more than twice the national average. The figure was described as “alarming” when paired with the fact that only three per cent of young people said they would seek out professional help when struggling with debt - one third of the number who would consult their hairdresser on the issue.
Meanwhile, men are twice as likely as women to seek out professional advice, with 23 per cent of men saying that they would find an adviser or speak to their bank first compared to only ten per cent of women - although men were more reluctant to seek out help in the first place. Seeking advice may be wise given that many British borrowers do not have a strong understanding of how long their debt is likely to continue. Recently the Motley Fool announced that most Britons have naive expectations about their own ability to pay off debts, with many putting the time span required to pay off the debt at less than half what would actually be required.
In related news, the public affairs chief of the Finance and Leasing Association, Edward Simpson, has stated that loans can help consumers to smooth over peaks and troughs in financial stability, increasing the security with which they approach their finances. He added that despite scaremongering in the press, most people manage to meet repayments on their debt consolidation loans without undue trouble.
Tom Dawson writes for Essentially Home Loans where visitors can apply for secured loans online, we also specialise in bad credit loans for UK residents. Visit Today: www.essentiallyhomeloans.co.uk
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