- 27
- Mar
A lack of financial education could cause an increasing number of Britons to develop debt management problems later in life, an industry expert has claimed.
According to Steve Ashton, personal finance chief executive for Saga, consumers are often too embarrassed to ask about the options available to them on areas such as savings and debt consolidation loans.
He claimed that as a result "probably a lot more people save in cash than would otherwise be the case".
However, Mr Ashton advised that by tying up funds in shares and equities schemes, consumers are more likely to have a comfortable financial standing when they choose to retire.
Mr Ashton pointed out that by making financial advice more accessible borrowers can "start to understand the issues they face and then address them".
Earlier this month, Britannia launched a financial education programme aimed at preparing teenagers to make more informed choices about managing their money and personal loans in later life.
Interfinancial providing you with breaking debt management news.
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