Brits 'don't know how to prepare financially'

In order to build a credit rating, many Brits might be setting themselves a strict budget plan in order to ensure they are able to keep abreast of all their financial requirements.

However, with external factors such as the rising cost of living and the harsh economic climate, some people may find they are not in a position to prepare for the future.

New research from Friends Life found a large proportion of the population would not know what to do in the case of a financial crisis.

Around 13 per cent of respondents said they would turn to friends or family for support, but when confronted with the same situation, 64 per cent said they would not be in a position to help.

Despite these difficulties, some are ensuring they are still able to treat themselves to things like a holiday, as a recent study from Sainsbury's revealed individuals are ensuring they can still do this by being strict with their spending.

Posted by Gemma Walker