One in four need financial plan

Wednesday 23rd November 2011

Households will need to set up strict financial plans if they are to avoid falling into difficulty in 2012 and beyond.

Debt charity Consumer Credit Counselling Service (CCCS), based in Leeds, has warned that financial planning is crucial to getting out of debt or avoiding debt.

It follows a survey by the Institute of Financial Planning which revealed that 26% of Brits are not setting themselves a clear budget to stick to each month.

CCCS warns that those who do not set themselves a clear budget are more likely to fall into unmanageable debt as high inflation, low wage growth and rising unemployment threaten to make 2012 a difficult year.

Delroy Corinaldi, director of external affairs at CCCS, 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.

"Anyone who is struggling to cope and needs advice on how to set a budget can always contact a debt charity such as CCCS, Citizens Advice or National Debtline for free help and support."

CCCS is particularly concerned about the 6.2 million households identified as 'financially vulnerable' in its recent Debt and Household Incomes report, and says that financial planning could play a key part in helping struggling Britons survive the difficult times ahead.

It is adding its support to Financial Planning Week, which is running until Sunday, which encourages households to get help and plan ahead.

The CCCS helpline, 0800 1381111, is available between 8am and 8pm, Monday to Friday, and support is available at http://www.cccs.co.uk.

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