Evidence presented in the past few days suggests the great British spender has yet to curb his or her distaste for the road less travelled as at least a partial solution to matching long-term liabilities.
Without this change in culture and/or behaviour in matters of personal finance, it is likely many current problems will remain, such as insufficient pension pots, excessive as compared with reasonable use of gearing, and a general inability to understand the need to buy appreciating rather than depreciating assets. Consider, for example, responses among younger people of today when asked what they would do with the windfall they expect from the Child Trust Fund in 18 years or so. According to the figures published by Nationwide this week, from a survey of more than 1,000 17 – 21-year-ol...
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