17th June '08 - Cash in the Mattress and Head in the Sand - Survey Sheds Light on Debt Plans
A survey by MGM Advantage has revealed that the UK’s uncertain financial climate is leading many Brits to bypass traditional banks in favour of “mattress saving”. While some commentators have speculated that this may sometimes be a “bankruptcy ploy”, most agree that it is simply a crude form of “personal debt management plan”.
Although the vast majority of UK consumers are still favouring traditional methods of banking, MGM found that one in five of those considered seriously in debt choose to “stash their cash” until they can decide what constitutes the best form of debt management plan.
However, these figures are put into perspective by the fact that 55% of UK consumers still prefer to put their money into a standard savings account, with women’s tendency to choose this route slightly more pronounced than that of men.
Tellingly, against the background of a global financial downturn, the survey also showed that only around 6% of Brits would be willing to invest in the stock market this year.
For those in serious debt, thoughts of stock market investment will almost certainly have to be put on hold, as one in twenty say they will be avoiding financial institutions altogether until they can decide on what constitute the best methods of saving and debt management plan.
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