- Posted August 12, 2013 by
Approximately 26 million Britons are presently having money problems because the economic
slump has induced a “live for the moment” mentality, based on a major report on the wellbeing of the country’s finances.
Over fifty percent of UK adults stated that they were struggling with their finances, the
government-sponsored body, Money Advice Service (MAS), bared. This is a sudden increase
from 35 percent of people who were undergoing a hard time paying their bills compared to the
previous time a similar study was conducted in 2006.
Hourly salary has plummeted by 6 percent in real value since the previous research was carried
out, making it more difficult for people to eke out a living.
A “live for the moment” culture and lack of financial smarts were also discovered to be possible reasons.
Twenty percent of those polled stated that they would prefer to have £200 at present than
£400 after four months, with twenty-five percent of people replying they choose to live for the
present rather than plan for the future.
The report also showed that a disturbing number of Britons are deficient in financial awareness.
About 12 percent of those asked believed the Bank of England’s base rate, which has been at a
remarkable 0.5 percent low for over four years, was over 10 percent.