According to research by Stroud & Swindon, half of those surveyed were concerned about the rising cost of living in the UK with 55 per cent of respondents in East Anglia stating that it is a worry.
Other reasons for concern included having insufficient funds for a reasonable standard of living, with a third claiming this to be a problem. Younger people were also concerned about being able to afford a decent standard of living, with 51 per cent of 18-25 year-olds worried about the future.
A quarter of Britons were worried about their lack of preparation for retirement. However the Welsh were the least concerned, as 40 per cent claimed they were prepared for their retirement.
Only 20 per cent of respondents were worried about their level of debt, but 37 per cent of adults aged under 25 were concerned with student loans and personal spending escalating.
15 per cent of respondents were worried about keeping on top of their financial repayments, with younger Brits dubbing it a major concern.
Paul Chafer, sales and marketing director at Stroud & Swindon, said: “It is of utmost importance that Britons fully comprehend all aspects of their finances and feel comfortable making decisions about their money.
However, it is important that providers are also involved in educating Britons.”
Miranda Khadr, associate partner at St. James’s Place Partnership, said: “My experience in the UK is that there are three areas were people are unprepared; the vehicles to repay mortgages; confidence in pensions, and protection.”
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