View more on these topics

3.7 million Brits face financial meltdown, says Axa

Research by Axa has found 3.7 million UK consumers face financial meltdown unless they manage their finances better.

My Budget Day, a campaign set up by the insurer to encourage more consumers to review and manage their finances, has found 33 per cent of the 11.6 million Brits polled are struggling to cope with credit card bills.

Furthermore, 6.1 million have no savings left, while 1.6m have lost money through failed investments. One million of those surveyed are struggling to meet mortgage repayments, over 500,000 have been threatened with repossession, and 430,000 are on the brink of bankruptcy.

Axa head of pensions and savings policy Steve Folkard says: “The deterioration in peoples’ standard of living and the effects of the credit crunch on finances are hitting people hard. For many people that means running out of savings or struggling to meet repayments but for some it’s more serious still and can spell bankruptcy or repossession.”

“That’s why taking control of your finances is so important. People who bury their heads in the sand will find it difficult to avoid financial difficulties during a recession. The more aware you are of your problems and the more in tune to your financial situation you are, the better your chances of coming out the other end in good shape.”


Pre-X expands EIS fund range

Pre-X Capital Management has added a third EIS fund to its product range.
The axcess EIS fund invests in pre-IPO companies which are looking for extra growth to take them to an IPO or a trade sale.


Cummings says banks shutting down IFA firms

Aifa is warning of a growing number of banks closing the business accounts of IFAs and suggests that this could be an attempt to wipe out distribution competition.

Singapore cover image - thumbnail

White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm