According to a recent survey by the Institute of Financial Planning, as many as one in four British people are not setting themselves a clear budget they need to stick to each month and most would benefit from a debt management plan.
The Consumer Credit Counselling Service (CCCS) has warned that failing to have a financial plan could lead to serious debt problems, especially if you are struggling to make ends meet already. This debt could soon become unmanageable, especially as wage growth is slow, inflation is increasing and unemployment is also rising.
All of these factors could make 2012 a very difficult year for many families, particularly the 6.2 million households which the CCCS identified as ?financially vulnerable? in its recent Debt and Household Incomes report.
The charity?s director of external affairs, Delroy Corinaldi, said:
?It?s never too late to put your finances in order. Setting a clear budget now is the best way to help withstand the financial headwinds in 2012 and beyond, and will leave you in a far better position to cope with any difficulties you may face in the future.?
In another survey carried out by YouGov recently, it was revealed that 29 per cent of people think their best hope of improving their financial situation and clearing debt problems is to win the lottery. Financial experts warn that it is incredibly foolish to leave your financial future to chance in this way, especially as the odds of actually winning the lottery jackpot are around 1 in 14 million.
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