Member Article

North East most likely to keep up with finances

Despite the challenges of the current economic climate, more than 50% of people in the North East are managing to keep up with their bills and financial commitments without difficulty.

The North East region came out on top of the national YouGov survey commissioned as part of Financial Planning Week 2009, with 53% dealing with their commitments – the only region over the halfway mark.

Commissioned by the Institute of Financial Planning, the survey highlights attitudes towards financial planning across the North East.

When it comes to improving their financial situation, the survey found that one-third of people in the North East recognised the need to save more, while 44% recognised the need to reduce debt. However, only 4% plan to get the advice of a professional.

Nick Cann, Chief Executive Officer of the Institute of Financial Planning, said: “The results of our 2009 Survey reflect the fact that many continue to ‘bury their head in the sand’ by ignoring financial problems in the hope that they go away.

“Only one in four are currently satisfied with their financial position - suggesting 74% of the population should be looking for help, but either decide to do nothing about it or rely on a lottery win which is unlikely in the extreme.”

For more information on Financial Planning Week visit www.financialplanningweek.org.uk.

This was posted in Bdaily's Members' News section by Ruth Mitchell .