Money fears 'make people ignore finance problems'
Published On 25 June 2007
Millions of people in the UK are risking debt and the need for things like IVAs because they ignore their finances out of fear.Sainsbury's Bank found that around six per cent of the UK adult population admit to 'money fear' - a condition where people purposefully ignore the state of their finances.
However, the lender warned that ignoring financial problems in the short term can simply lead to more severe situations in the future.
"Our research indicates that nearly two million people refuse to discuss their finances with their partners because they're worried about how they'll react," explained Kevin Barrett, head of channels at Sainsbury's Bank.
"We also found that 11 per cent of the population claim that at some stage they have left their bank account and credit card statements unopened.
"Our advice to people suffering from this condition is not to put your financial management off, problems can arise if you don't keep an eye on things."
With personal debt exceeding £1.3 trillion in April, more and more people could find themselves considering IVAs or other debt consolidation options if they ignore their finances for too long.
