Financial services too unapproachable

Personal debt may be on the rise but more than three quarters of the UK public would rather save for the future than borrow.

12:15 24 May 2004

Personal debt may be on the rise but more than three quarters of the UK public would rather save for the future than borrow.

This news comes from the Co-operative Insurance Society, which published its report yesterday, finding that only 21 per cent see little point in saving for a rainy day.

According to the research women are far more debt conscious than their male counterparts: 80 per cent of females, compared with 70 per cent males, would prefer to avoid debt if possible.

Yet, many find the financial services industry unapproachable with a third of people admitting that they feel intimidated if they have to approach strangers for financial advice.

CIS director of life and savings, Martin Clarke, said: "This research and the huge savings gap, clearly show that as an industry we still have a great deal to do."

He added: "The industry must work to address the issues of approachability and education, so customers feel confident when speaking with advisers."