Do you know how big your debt mountain is?

Over two million British consumers (6%) cannot quantify how much debt they’re in, according to research carried out by Unbiased.co.uk, the website promoting the benefits of independent financial advice. This trend seems worse amongst young people, with 41% of 18-24 year olds unaware of their current debt burden to within £500.

More positive news comes in the form that nearly one half (48%) of consumers would rely on their savings should they face financial hardship. However, many would be happy to either sell their possessions (19%) or rely on the government to support them (20%). That 1 in 5 people would consider selling their property to cover debt is worrying, but seems to be consistent with recent research by Unbiased.co.uk which revealed that nearly half (48%) of 16-24 year olds would spend an unexpected increase in income on clothes or entertainment. We dubbed this group “Generation Spend”.

David Elms, Chief Executive of Unbiased.co.uk comments: “This research shows how little the UK consumer is budgeting and preparing for every eventuality. ‘Generation Spend’ is allowing debt to dictate behaviour, rather than taking financial control and keeping a check on debts. Unbiased.co.uk is trying to encourage those people who aren’t aware of their debt to Get Saving!, for example by using the budget planner available at Unbiased.co.uk or even by going to see an independent financial adviser to get a complete financial MOT.”

Unbiased.co.uk offers consumers a range of information and interactive tools at unbiased.co.uk/getsaving, to help them take financial control. Visitors can also obtain details of local IFAs who focus on budgeting and saving. To find an IFA in your area, visit unbiased.co.uk.