People in debt ''could continue to struggle in the future''

People in debt ''could continue to struggle in the future''
People in the UK who are in debt at the moment are not saving money for the future, a new report has warned.

While Scottish Widows found that more people in general are preparing for their future by saving for retirement, it revealed that members of society with current debt problems are also likely to face hardships in their later years, as they are generally not putting any money away.

In fact, the report indicated that 75 per cent of the people deemed to be not saving enough for their retirement carried short-term debt over from one month to another.

What''s more, over half (55 per cent) said they had to carry over store and credit card balances every month.

Ian Naismith, head of pensions market development at Scottish Widows, commented: "There is a distinct sense of pessimism emerging from our results with consumer confidence falling compared to last year.

"With the cost of living rising and the nation struggling to make ends meet the outlook isn''t getting any brighter."

Recently, Richard Brown, chief executive of Moneynet.co.uk, explained that it was vital people with financial problems prioritised their most expensive debt and dealt with this first.