Brits 'more likely to rent due to debt worries'

03 2008
Britons could be more likely to rent accommodation rather than buy due to the added debt burden, concern over which already causes the average Brit to lose two years of their life, according to research.

Co-operative Financial Services has found that the average person in the UK spends 16,848 hours thinking about spending and borrowing, equivalent to 730 sleepless nights.

Some 46 hours is spent each week worrying about finances by those aged 18 to 30, with around half spending ten hours or more each week trying to balance their books.

"It is worryingly clear from the research that the vast majority of UK adults are deeply concerned about their finances, with rising levels of debt and inadequate saving provisions responsible for countless sleepless nights nationwide," said Scott McPhail, savings product manager at the Co-operative Bank.

He added that it is "never too late" for people to regain control of their finances, something that could be welcome news to the 78 per cent of residents in the north-west classed as worriers, the highest of any UK region.

A recent survey by Legal & General revealed that 25 per cent of 18 to 24-year-olds were in the "mood to spend" in January.
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