The majority of the British public are struggling to build up financial safety nets, despite knowing how vital they are, according to research from debt management company Lowell.
In a survey analysing peoples' attitudes towards financial tasks, the creation of a financial safety net was identified as the hardest for most respondents (66%). At the same time, 60% identified saving for specific long-term purchases as their biggest financial challenge with 33% admitting sticking to a budget was the hardest struggle they faced. Day-to-day money management was also identified as a challenge. Almost a quarter (22%) admitted they struggled to manage loans and debts, with one in 10 (9%) confirming they could not keep track of their regular bills and p...
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