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More people tackling non-mortgage debt

05/11/2009

More people are tackling their non-mortgage debt, says the ABI (Association of British Insurers).

`Despite the continuing recession`, the ABI`s latest Savings and Protection survey shows that more people are trying to pay off their debts - and many of them are doing so more rapidly.

A third of the people surveyed said that they had either started paying off their non-mortgage debt or stepped up the pace at which they are doing so. In the previous quarter, just over a quarter of the people surveyed had said this.

"For the long-term health of the economy, it is encouraging that more people are reducing their debts. Increasing confidence in the value of property is also good news for the housing market," said Dr Rebecca Driver, the ABI`s Director of Research and Chief Economist.

"However, we still need to increase saving levels. Some 40% of people are saving too little or nothing at all for their retirement. This is very worrying. The ABI`s recently published Savings Manifesto outlines proposals, such as early access to pension saving and bringing forward automatic enrolment into workplace pensions, designed to give savings a much-needed boost."

"The main issue with a lot of clients is reduced mortgage rates, and they are using it to pay off debts or save," said Mike Pendergast, Managing Director of IFA Zen Financial Services, in an article on ftadviser.com. "The trend will continue so long as interest rates and mortgage rates remain low."

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