62% turn to newspapers over finances

NEWSPAPERS are the most popular source of information for people managing their personal finances, according to a report by the Financial Regulator.

The study, which looked at the ability of consumers to manage their cash, found that 62% of people rely on newspapers, excluding financial pages, for information, compared with TV and radio, 57%, and a low of 13% for internet news. Many people are not taking the necessary steps to plan ahead, the report found and 59% of people have made no provision to face a drop in income despite the fact 25% of people or their partners had experienced a large and unexpected drop in income in the last five years.

A third of people who had taken out a mortgage recently had not shopped around for the best value. Sixty per cent of those surveyed were keeping up with all bills and financial commitments without any difficulties while 37% reported some degree of difficulty.