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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.”

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