The second annual Scottish Widows Priorities of Life Index has reported that Britons are burying their heads in the sand when it comes to saving, with 17 million adults (35%) neglecting their finances.
Of those who are neglecting their finances, 21% attributed this to being too indebted, 32% to insufficient income and 25% to simply not wanting to think about money in their daily lives.
Scottish Widows savings expert Iain McGowan warned that whilst people realised financial security was important, a large minority were simple not setting aside the time to consider it.
When asked what they would do with an extra day for ‘life admin’, 17% asserted they would get their finances in order, 14% would draft a realistic budget and 21% would concentrate on minimising their household bills.
McGowan added that although the recession is over financial matters remain at the forefront of peoples’ minds, and advised against the temptation to bury their heads in the sand over the situation.
Earlier this year consumer intelligence Mintel warned that a fifth of Britons were bereft of savings, with 35% having £500 or less set aside for difficult times.