Cash confusion 'is affecting everyone'

Wednesday, July 7th 2010

A poor understanding of financial matters is to blame for the worsening money situation of many Britons.

That is the view of Axa, which has conducted research into personal finances, concluding millions of people are struggling to contain cash problems.

The inability of many to control their circumstances comes despite the consequences of poor prudence becoming significantly harsher as a result of the ongoing economic worries.

Perhaps of most concern is that this has become an issue for all types of people, from high-flying managers to unskilled workers.

Doctor Roger Henderson, who carried out the research, said: "It is a common misconception that only people with low levels of disposable income suffer from money sickness syndrome."

He added people in the top socio-economic classes are just as likely to experience the condition.

The Credit Action report for July reveals the average household debt in the UK currently stands at £57,944.