MILLIONS RISK DEBT NIGHTMARE IF JOB IS AXED
MORE than 11 million people would be in the red within a month if they lost their job tomorrow.
This includes half of all home renters, says AA Financial Services research.
The shock findings come as one in three of us were forced to borrow to pay for Christmas.
Meanwhile, latest Office for National Statistics figures shows the amount people save is near a record low of 5.4% of disposable income, and there’s little hope of a big turnaround.
Only a fifth plan to get rid of their credit card balance this year and less than a tenth say they will be tackling debt by taking out a loan with affordable and manageable monthly repayments.
A glimmer of hope is that one in three of us claim we want to save more than in previous years.
James Fairclough, director of AA financial services, said: “It’s worrying so many people would not be able to maintain their lifestyle and provide for their families beyond a month if their circumstances changed suddenly.
”This safety net is essential. The importance of savings is put into focus when planning not just the next year or two, but beyond this into retirement.”
VISA ROLLS OUT CASHBACK SCHEME
VISA is encouraging more banks to get behind a scheme which boosts access to cash, following a pilot launched with Lloyds last year. It aims to increase the amount of places where cash is available by incentivising shops and businesses to offer cashback to customers using their Visa debit cards.
Visa said it is now making the cashback initiative available to all of its debit card issuing partners. The new cashback incentive will target areas of the UK where access to cash has been identified as being more difficult, such as the most remote and rural locations.
ONE IN SIX ‘HAVE UNHEALTHY RELATIONSHIP WITH MONEY’
ABOUT one in six people (15%) think they have an unhealthy relationship with money, a survey by First Direct has found.
The survey of more than 4,300 people was carried out for a money wellness index from the internet and telephone bank.