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Half 'struggle to pay bills'

52% of adults are struggling to keep up with paying bills and debt repayments, according to a survey by the Government-backed Money Advice Service. Around nine million more are struggling with money compared to seven years ago.

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Live for now culture 'created by economic downturn'

A survey by the Money Advice Service suggests the economic downturn has created a "live for now" culture, which is preventing people from saving enough for their future.

Of those respondents questioned:

  • 21% said they would rather have £200 now than £400 in four months time
  • 42% would have to think about how they could cover an unexpected £300 bill
  • 25% prefer to live for today rather than plan for tomorrow

The report also uncovered a worrying lack of financial knowledge - some 12 percent people believed the Bank of England's base rate, which has been at a historic 0.5 percent low for more than four years, is over 10 percent.

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