Highlights
- An astonishing 50% of consumers are not currently saving towards their retirement. (8707)
- 44% of consumers have a mortgage that is more than three times their annual income. (7625)
Emma Butler, Moneyfacts Web Editor says, “With all the scandal surrounding income at retirement and the fact that many of us may face poverty in our old age, it is worrying that half of the people completing the poll are not setting aside any money for this period in their life.
44% of consumers having a mortgage of over three times their income is another concerning statistic. With speculation of increasing mortgage rates and house prices falling, many of these people could face financial difficulties with their mortgage in the future, with the worst-case scenario being repossession. Although we can say it is the responsibility of the lender not to allow people to over stretch themselves when borrowing, it is also important that consumers themselves think about the implication of increasing repayments and how much they really can afford.”
FULL SURVEY RESULTS:
You are welcome to use this data provided moneyfacts.co.uk is quoted as the source.
(Sample – users of Moneyfacts.co.uk)
Are you currently saving towards your retirement? (8707)
YES: 50% NO: 50%
Do you have any stock market investments? (7004)
YES: 57% NO: 43%
Do you have a donation card? (2330)
YES: 7% NO: 93%
Do you have any store cards? (2244)
YES: 34% NO: 66%
Do you have or are you looking for a buy-to-let mortgage? (7265)
YES: 26% NO: 74%
Is your mortgage more than three times your income? (7625)
YES: 44% NO: 56%
Are you planning to take out a loan for a holiday this year? (670)
YES: 9% NO: 91%
Will you apply for your loan online or by post? (650)
ONLINE: 93% POST: 7%
Do you use a cheque book or debit card for everyday purchases? (2062)
DEBIT: 79% CHEQUE: 21%
Is there a monthly fee on your current account (packaged account)? (1674)
YES: 19% NO: 81%
