One in five respondents said their high debt levels are making them feel financially secure, according to the Scottish Widows index, with 32% suggesting this is because they aren’t paid enough with a quarter “simply trying not to think about the debt.”
Of those surveyed, 19m people said they are neglecting their savings, with 11m saying they can’t afford to save any more and 6m said they are just focusing on their day-to-day finances.
Iain McGowan, savings expert for Scottish Widows said: “Our financial security and savings are suffering as we struggle to prioritise what really matters when it comes to financial stability. We all know how important it is to save and make time to look after money worries, but a 35% of all of us admit our financial security or savings are not being prioritised nearly enough.”
After working, sleeping and eating one third of people suggest they have less than two hours to spend on anything else, with 35 to 54 year olds admitting to having even less time.
Respondents suggest 3.5 hours a day to spend with family, on their health and doing their hobbies, would be enough but their current lifestyle doesn’t allow it.
