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More than 20% using savings to `pay down` debt

11/06/2009

According to recent research by HSBC, more than 20% of the world`s workers have used their savings to pay down debt and 13% have stopped saving altogether.

The research, based on interviews with 15,000 people in 15 countries, also found that nearly 9 out of 10 people feel they are `unprepared for retirement` and around 75% don`t know what their income will be when they retire, The Guardian reports.

Clive Bannister, HSBC`s head of insurance, said: "the recession means that people are worrying more about surviving from day to day than they are concerned about the future." A spokesperson for Debt Advisers Direct commented: "If people are repaying debts rather than saving, they could be saving money in the long run, as the interest accrued on savings is usually not as high as that on debts.

"Even so, people in a position to save should try to do so, as savings can offer protection against debt as well as help with unexpected costs, should they occur."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in