A lack of financial awareness is leaving Britons in debt

Britons are taking out crippling payday loans and credit agreements because there is a general lack of understanding about other financial options that are available to them.

According to Sell Pension - a lead generation company that only works with pension review experts - people are falling into horrendous debt because they are unaware of the benefits of early pension release and other finance plans. A recent study conducted by Lloyds Bank showed that while overall household savings have risen since the 1970s, the proportion of actual income being saved by Britons has dropped significantly in the past 40 years.

In 2009, the proportion of income being saved by households stood at 6.4%, which was around half as much as the peaks achieved in 1980, when the household saving ratio came in at 12.3%. This shows that despite their best efforts, people are struggling to put enough money aside, leaving many UK residents with little alternative but to turn to unaffordable credit.

A spokesman for Sell Pension thinks the number of Britons being stung by opportunist payday loans companies will only increase unless people start to take a more proactive approach towards handling their finances.
“It’s easy to see new reports about impressive economic growth in the UK and assume that everything is fine,” he commented.

“However, the reality is very different and times are still extremely hard for a lot of people in the UK. You only have to look at the number of households being lured in by payday lenders to see how the situation has quickly become a crisis.”
The Sell Pension representative insisted that more needs to be done to highlight different options to Britons who are struggling to make ends meet.

“Pension release might not work for everybody, but surely it’s better to access money that you have earned yourself than to fall into the clutches of loan sharks?” he added.

“A lot of workers don’t realise that there are ways to obtain a chunk of their pension early, and we’ve put thousands of customers in touch with pension experts who have helped them to ease their financial struggles.

“Of course, it’s vital that you are careful about who you work with. This is people’s life savings that we’re talking about, so you must ensure that you’re dealing with a reputable adviser who has your best interests at heart. This is why Sell Pension only works with a select bank of expert, trustworthy advisers.”

About Sellpension.co.uk

Sellpension.co.uk is a lead generation business that points people in the direction of reputable pension experts when times are hard. With so many households struggling to make ends meet, it’s vital that Britons have access to trustworthy experts who can help them map out a financial plan. You can talk to one of our friendly advisers free of charge and there is no obligation to use our services. Unlike others, we always explain the potential penalties and pitfalls of gaining early access to pensions so that customers have a clear picture.


Sources used:

http://www.lloydsbankinggroup.com/Media/Press-Releases/2014/lloyds-bank/uk-household-savings-rise-by-500-in-the-last-40-years/
http://www.lv.com/about-us/press/article/part-time-pensioner

Contact Information

Angela Swan

Marketing Executive

Sell Pension

Contact via E-mail