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Bills top money worries

Healthcare and education are two of the biggest financial worries for the future, according to research by Marks & Spencer Financial Services.

Overall, one in five people say funding for healthcare is their biggest concern while 16 per cent worry about the cost of their children&#39s education.

For people in their 40s and 50s, concerns about the cost of healthcare increase, with 37 per cent saying it is their main worry. But only 7 per cent of those in their 20s expect healthcare to cause them financial headaches.

Paying for children&#39s education is a particular concern for younger people, with 32 per cent of those in their 20s and 33 per cent in their 30s saying this is a financial worry.

But paying bills is the biggest financial concern for 23 per cent of people overall. M&S says this shows that despite awareness of the need to save for the future, people are still more concerned with short-term financial priorities.

Savings and investments manager Mark Birch says: “We are all having to come to terms with the fact the state will not fully provide for our health and education. The onus is on people to take more responsibility for their own financial future. There is a genuine need for people to sort out their priorities.”

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