- Monday, 10 August 2009The number of people entering into
individual voluntary agreements (IVAs) could increase as a result of Britons' financial readjustment to the recession.
Figures released by Friends Provident in the Generation Recession Report show that 20 per cent of UK adults believe there is an increased need to plan ahead financially as a result of the economic downturn.
This rise could see the number of people entering into financial agreements rise as people look to secure their financial futures.
People facing bankruptcy could consider entering into an IVA in order to maintain a healthier economic future.
Dr Peter Marsh, author of the report, said that today's "emerging adults" were showing a particular desire to tackle their debt.
He said: "A quarter of all people in the 26-30 age category felt that the fact they were in debt was unacceptable. What the data indicates, then, is that today's generation of ‘emerged' adults takes a rather more cautious approach to debt."
Approximately one third of Britons are more cautious about how much money they spend, the report suggests.
According to the Times, retail sales figures fell by 3.9 per cent in June of this year.
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