Don’t let ‘money fear’ take grip
June 27, 2007 by admin
Filed under News, News-Banking
Sainsbury’s Bank is encouraging Britons not to put their heads in a financial sandpit and to face the reality of their banking problems.
Research carried out by the group suggests that some 2.8 million consumers, or six per cent of the adult population, purposefully ignore the state of their financial situation.
According to Kevin Barrett, head of channels at Sainsbury’s Bank, almost two million Britons refrain from divulging their financial positions with partners because they are worried about the potential reaction.
Over one in ten people also claim to have left credit card and bank account statements unopened as a means of procrastinating over financial matters.
Mr Barrett said: “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.”
He added: “For example, without regularly monitoring your statements you won’t be able to identify issues such as identity theft. Take control of your finances now, look at your expenditure, plan your budget and by all means, seek advice or counselling if you need to.”
To avoid getting into the situation of ‘money fear’, Sainsbury’s Bank calls for consumers to face up to their financial situation, to prioritise debts and to plan a budget and stick to it, among others.
