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LONDON, ENGLAND, August 23, 2009 /24-7PressRelease/ -- Sainsbury's Finance believes that the current economic downturn is fuelling the nation's growing fear and embarrassment over personal finance matters and has launched a new website www.sainsburysfinance.co.uk/moneymatters, which explores many of the financial concerns and questions people might have.
The Bank's research found that almost one in five (18.5%) people in debt and in a relationship claim to be hiding the true extent of their debt from their partner or spouse. Its findings indicate that some 1.75 million people are hiding some debt from their loved one, and some 1.92 million people admit to hiding big or extravagant purchases from their partner.
Sainsbury's Finance is concerned that instead of dealing with their personal finance issues head on, many people are choosing to ignore them, with 3.93 million (8% of British adults) frequently missing bill payment deadlines; 3.59 million (7%) saying they are currently ignoring or delaying opening bank statements and 3.34 million (7%) saying they ignore or delay opening any envelopes that look like bills.
In a drive to encourage people to take control of their finances and tackle any debt or financial concerns head-on, the new Money Matters site will include independent viewpoints and articles from money experts who will provide tips on how to best take control of their finances. The website will cover a range of topics from making your money go further, advice on decreasing your debt and how to improve your credit rating.
When asked to describe the current health of their personal finances, a worrying 3.88 million said their own financial situation was "awful" and that they were genuinely worried about their financial matters, or "pretty bad" where they are overdrawn and only just keeping their head above water. Even though 46% of British adults describe their personal finances as "good" or "very good", there remain 12.6 million who have no idea how much interest their savings accounts are paying.
Karen Horsburgh, Head of Sainsbury's Money Matters commented: "The current economic climate is only exacerbating many people's personal financial concerns and our research highlights that there is a huge temptation to stick your head in the sand and hope it all goes away. However, if you have money worries the best course of action is to tackle any financial concerns head on and seek advice on how to start rectifying the situation.
"We've launched Money Matters because we want to provide a resource where people can go and get independent tips and advice on everyday money concerns, regardless of whether they consider their current financial situation to be in good order or not."
From a regional perspective, people in the East Midlands and Anglia are currently the most concerned with their personal finances, with 13% describing the current state of their personal finances as "awful" and being deeply in debt or "pretty bad", being frequently overdrawn and only just keeping their head above water. This compares with Scotland, where only 2% described their finances as being "awful or "pretty bad".
Sainsbury's provide a wide range of financial services including credit cards, loans, savings account, pet insurance, life insurance, home insurance and car insurance, visit Sainsburys Bank now to find out more.
Notes to editors:
Based on a survey conducted by GfK NOP on 26th - 28th June 2009. Interviews were conducted over the phone. The consumer omnibus research conducted by GfK NOP uses a large sample size that reflects the demographic profile of GB. Given this it is possible to extrapolate figures and make projections from the research results within appropriate confidence intervals.
To view our latest press releases and product information, please visit the Sainsbury's Finance online media centre at www.sainsburysfinance.co.uk/media.
Sainsbury's Finance offers a range of quality, competitively priced, award-winning products. It opened for business on 19th February 1997 and was the UK's first supermarket bank. It is a 50:50 joint venture with Sainsbury's and Lloyds Banking Group.
Sainsbury's Finance offers the following products: Credit Cards and Loans, a range of Savings products and Car Insurance, Life Insurance, Home Insurance, Travel Insurance and Pet Insurance
For further information and general Sainsbury's Finance enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysfinance.co.uk
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