Lottery ‘bigger hope than financial advice’

Far more Britons are hoping a lottery win resolves their financial problems than are taking financial advice, a survey has found.

The poll by YouGov for the Institute of Financial Planning (IFP) discovered that over one in four were hoping that a big cash win would eliminate their difficulties, whereas only one in 20 were taking advice from experts.

Four out of five people said they were not happy with their financial situation.

Commenting on the figures, chief executive for the IFP Nick Cann remarked: “The results of our 2009 survey reflect the fact that many continue to bury their head in the sand by ignoring financial problems in the hope that they go away.”

Those hoping to improve their financial situation may be able to find products that provide better rates that will help them do this.

Last week, a spokesman for the Insolvency Service Helpline noted that an individual voluntary arrangement is a popular device for dealing with debt.

However, he warned that there are many alternatives to them and consumers should be aware that repayment terms on IVAs are “very strict”.

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