Public 'turning a blind eye' to financial matters

PEOPLE are burying their heads in the sand to avoid dealing with their finances, a report has warned.

A total of 17 million adults - 35 per cent of the UK's population - admitted they neglect their finances, citing a lack of time for "life admin".

The results of Scottish Widows's annual Priorities of Life Index follows a survey published yesterday which showed that almost a quarter of people believe they are on the brink of financial crisis and cannot afford any further increase to their cost of living.According to the Scottish Widows report, if people were given an extra day a year for "life admin", 17 per cent said they would use it to make sure their finances were in order, 14 per cent would spend the time making a realistic budget, and a fifth would ensure they were paying the lowest household bills possible.

"Our financial security and savings are suffering as we struggle to prioritise what really matters when it comes to financial stability," said Iain McGowan, savings expert for Scottish Widows. "It's extremely worrying that so many people bury their heads in the sand."