Half of Brits' finances are 'out of control'

More than half of Brits do not feel in control of their finances and many do not even have any savings, new research has shown.

A third of women and a quarter of men have no savings to speak of, according to the F&C Investments survey, which could see them relying on equity release come a rainy day.

In addition, almost a third of those surveyed were either a little worried about their level of debt or were finding it hard to keep up with repayments, the poll showed.

Commenting on the findings, head of global wholesale and marketing at the asset management group Scott Stevens explained that some of the results of the survey were "unthinkable".

He said: "Almost a quarter of people are still planning to rely on the state pension, when it is entirely possible this safety net will not even exist in its current form by the time they retire.

"And with life expectancy continuing to rise, leaving it until later middle age to start saving for retirement is not a viable option."

Last week, research by Hodge Lifetime indicated that independent financial advisers play a crucial role helping clients find peace of mind with equity release, reports Mortgage Introducer.

Equity mortgages from Ashall Glover Financial Services