Biggest financial fears are revealed in survey results

A PROLONGED recession is UK residents’ biggest fear, according to a new survey, which found that a quarter of people were concerned about a possible “triple dip”.

More than 1,000 people across Britain were questioned by YouGov for the Financial Planning Week survey and showed differences between age groups and genders when it came to concerns about the economy.

Worries about a prolonged recession were most common in over 45s, mentioned by 30 per cent of 45 to 55-year-olds and 35 per cent of those over 55. Seventeen per cent of women were concerned about rising unemployment, compared to 11 per cent of men, and 36 per cent of those aged between 18 and 24 listed it as their biggest concern.

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More than a fifth of those aged over 55 said rising inflation was their biggest worry, compared to nine per cent of those aged between 25 and 44. Only seven per cent of people said they were concerned about future increases in interest rates, but 12 per cent said rising inflation worried them, while 14 per cent raised increasing taxes as a main concern.

Nick Cann, CEO of the Institute of Financial Planning which organised the survey, said: “Clearly, the weak state of the economy continues to give people concerns about their financial situation.

“All of us can make changes, having initially taken the time to work out our budget by taking steps to improve a shortfall or save or invest a surplus. Even though getting professional financial advice will help provide context and direction for a person’s finances, there are also lots of simple steps that an individual can do themselves, to take more control over their money.”