Debt solutions more fearful than surgery
by Gill Montia
Story link: Debt solutions more fearful than surgery
AXA has followed up its revelation that an estimated 24% of UK adults are hiding some form of debt from partners, friends and family, with a new report that delves into the psychological profile of the indebted British consumer.
Research backing up the latest study reveals that one in seven people questioned would rather see a dentist than a financial adviser and one in 10 men would rather have minor surgery!
The report paints a picture of British consumers mired by “the three ‘i’ s”; inertia, ignorance and immediate gratification.
It also highlights a reluctance to seek professional help and confusion about where to go.
However, psychologists claim that the human brain is actually wired to resist change as it seeks out familiar patterns rather than choosing new routes, in a bid to save energy and mental capacity.
AXA behavioural specialist, Eugene Farrell, comments: “The study proves that resistance to money management runs deep and it seems that we may even be pre-programmed to stick our heads in the sand.”
The insurer’s earlier research suggests that Britons have £50 billion of debt which they are hiding from their families and friends, with almost a quarter concealing how much they owe on credit cards, loans and other forms of debt.
The average hidden debt of UK adults is more than £4,000, the research found.
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