Money's too tight to mention

New research from the first annual Scottish Widows Priorities of Life index reveals that although the UK may officially be out of recession, Brits are still feeling financially insecure due to a lack of time and money to focus on their financial futures.

Despite their best intentions, a third (36%) of people say they are not prioritising their financial security enough, and a quarter of people (24%) are more afraid of neglecting their financial security than anything else in their life.

While two in five people (39%) admit their commitment to saving has gone on the back burner, one in 10 (11%) say the one thing they wish they had more time for is saving for the future. Of those who are not prioritising their finances enough most (58%) say this is because they simply can't afford to save as much as they'd ideally like to at the moment, and a third (32%) can only focus on their short term finances right now.

Furthermore, despite the fact that Brits work some of the longest hours in Europe, the research shows that two fifths (37%) of people say they are not giving their careers enough attention at the moment. Job security is a big worry, with 38% saying this is a lower priority in their lives than they would ideally like.

Alison Morris, savings expert at Scottish Widows said: "Our financial security, savings and jobs are suffering as we struggle to prioritise what really matters when it comes to financial stability. We all know how important it is to save and make time to look after monetary concerns, but a third of all of us admit our financial security or savings are not being prioritised nearly enough."

So why don't people feel financially secure? Of those surveyed, a third (31%) said their job didn't pay them enough, and a fifth (22%) said they were in too much debt to feel secure. A further fifth (22%) have decided to adopt an "ostrich" mentality by burying their heads in the sand - saying they simply try not to think about their finances on a day to day basis. One in 10 people said that the cost of their kids and family was too much of a financial burden to ever feel financially secure.  

Alison Morris continues: "Even though the recession may be over, the importance of having a financial cushion to fall back on is at the front of a lot of peoples' minds, but time and money constraints prevent them from being able to do the things they need to in order to feel as secure as they would like. It's also extremely worrying that so many people bury their heads in the sand. By planning their finances carefully now, they could avoid a lot of this worry in the long-term.

"We know money is tight for many people at the moment, but spending a bit more time on their finances instead of ignoring the problems can only serve to make them feel more financially secure in the future. And if you can manage to save a small percentage of your salary every month, building up to 12% a month when you can afford to, you can ensure that you're saving enough for a comfortable retirement in the future, which is one less thing to worry about. While this may feel like a stretch to many people in the current environment, if the nation doesn't plan for their financial futures now there is the danger that they won't have enough to ensure a comfortable retirement."