A survey by MyVoucherCodes.co.uk claims nine out of 10 people have run up unsecured debt on a credit card, loan or overdraft, reports The Daily Telegraph. One-third of the 1,722 people surveyed aged between 18 and 35 admitted they did not think they would ever be debt-free, while 54 per cent said they would always need to borrow to fund the lifestyle they wanted. Personal finance expert Farhad Farhadi says: "The majority of British adults owe money in some way, but to see that almost a third think they'll never be free from debt is quite alarming."
Australians 'lack financial knowledge'
A new study by The Australia Institute says Australians have an exaggerated perception of their financial knowledge and decision-making skills, reports The Sydney Morning Herald. Based on an online survey of 1,180 adults in October, the study shows education is not the main determinant of good or bad financial behaviour. More than one-third of Australians lacked confidence in saving for retirement, while more than one-quarter had suffered financial difficulties in the past year.
MPF must be improved, chief says
The Mandatory Provident Fund is failing to provide full retirement security and a debate is needed on how it can be improved, reports the South China Morning Post. "The MPF scheme has not been seen as providing adequate protection for retirement or as universal," says MPF Authority head Anna Wu Hung-yuk. She says there's an urgent need for reform in view of the plight of elderly people living in poverty.