3 September 2007

Do you know how big your debt mountain is? (Consumer)

Visit www.unbiased.co.uk/getsaving and help end the ‘Buy Now, Save Later’ culture and Get Saving! to stay on top of managing your debts.

Over two million British consumers (6%) cannot quantify how much debt they’re in, according to research carried out by Unbiased.co.uk, the website promoting the benefits of independent financial advice. This trend seems worse amongst young people, with 41% of 18-24 year olds unaware of their current debt burden to within £500.

More positive news comes in the form that nearly one half (48%) of consumers would rely on their savings should they face financial hardship. However, many would be happy to either sell their possessions (19%) or rely on the government to support them (20%). That 1 in 5 people would consider selling their property to cover debt is worrying, but seems to be consistent with recent research by Unbiased.co.uk which revealed that nearly half (48%) of 16-24 year olds would spend an unexpected increase in income on clothes or entertainment. We dubbed this group “Generation Spend”.

David Elms, Chief Executive of Unbiased.co.uk comments: “This research shows how little the UK consumer is budgeting and preparing for every eventuality.  ‘Generation Spend’ is allowing debt to dictate behaviour, rather than taking financial control and keeping a check on debts. Unbiased.co.uk is trying to encourage those people who aren’t aware of their debt to Get Saving!, for example by using the budget planner available at Unbiased.co.uk or even by going to see an independent financial adviser to get a complete financial MOT.”

Unbiased.co.uk offers consumers a range of information and interactive tools at www.unbiased.co.uk/getsaving, to help them take financial control.  Visitors can also obtain details of local IFAs who focus on budgeting and saving. To find an IFA in your area, call 0800 085 3250 or visit www.unbiased.co.uk .

-ends-

* The Get Saving! 2007 report was produced for Unbiased.co.uk by RAKM, and is partly based on an analysis of Inland Revenue, ONS, DWP Family Resource survey, Bank of England and ABI data along with a specially-commissioned face-to-face consumer survey of 2,000 UK adults (16+), conducted by BMRB during October 2006.  With detailed queries on the report, call Paul Hersey at RAKM on 01737 216 940.  To view and download previous Get Saving! reports visit www.unbiased.co.uk/getsaving 

For further information please contact:

David Elms

Nicola Hussey/Anna Schirmer

Chief Executive

Lansons Communications

Unbiased.co.uk

0207566 9718/020 7294 3605

020 7833 3131

For expert comment or case studies from over 200 media-friendly IFAs, journalists should call unbiased.co.uk’s Media Services hotline on

020 7294 3682 or search online at www.unbiased.co.uk/media

1.      Independent Financial Adviser Promotion

Unbiased.co.uk is the consumer brand of IFA Promotion, the organisation established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents around 9,000 firms of independent financial advisers across the UK, incorporating over 17,000 registered individuals. These individuals hold over 20,000 incremental qualifications which are each individually verified by the awarding body. IFA Promotion welcomes the prominent display of incremental qualifications and further developments into the credentials of independent financial advice. 

IFA Promotion is sponsored by 28 leading financial institutions, and in the past 12 months, over 600,000 consumers and businesses used unbiased.co.uk to find local independent financial advice.

IFA Promotion believes Independent financial advice should be:

·         Affordable. The option to take independent financial advice should be available, by right, to all- not just the wealthiest in society.

·         Convenient. IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.

·         Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.

2.      Independent Financial Adviser Promotion’s sponsors

Aberdeen Asset Management

Legal & General

Abbey

Lincoln Financial Group

AEGON Scottish Equitable Plc

Mortgage Express

Alliance Trust

National Savings & Investments

AXA Life

New Star Investment Funds

Bright Grey

Norwich Union Life

BUPA Health Services

Prudential

Canada Life Ltd

Scottish Life

The Children’s Mutual

Scottish Life International

Clerical Medical Investment

Scottish Widows Plc

Defaqto

Skandia UK Group

Friends Provident

Standard Life Assurance Company

Tomorrow

Unum

Invesco Perpetual

Zurich Intermediary Group

Registered Office: IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606

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