If you are worried about your financial future during this recession the first thing to do is to stop worrying – you will be able to find solutions to any secured debt problems with a positive, can-do attitude and a new saving plan.

Unfortunately not everyone is so confident – in fact, according to Scottish Widows, people’s confidence in their own finances has also been dampened, with more than a third of people saying they are negative about their long term finances compared to last year. There are similar levels of concern about day to day cash flows – with 37% admitting they feel pessimistic about their short-term finances.

When it comes to our personal worry-ometer, physical wellbeing is a key concern for people, with less than half feeling optimistic about their long term health. However it’s not all doom and gloom, with two thirds saying they feel optimistic about their family life – proving that even though the economy continues to struggle, people still feel good about their family.

Also, two thirds of people admit to feeling pessimistic about the current economic situation – with just one in ten proclaiming they feel positive in their outlook for the economy.

Alison Morris, head of commercial management at Scottish Widows comments: “It’s not surprising that the nation is feeling downbeat considering the economic turmoil that the country has been through in recent months, but this could also be the ideal time for people to review their finances and really sort out their priorities.

“No one wants to live in fear about their day to day cash flow, so if anyone can afford to put some money aside for a rainy day then they should start as soon as possible. Although green shoots may be starting to emerge from the recent economic turmoil, the downturn of the past year should be the wake up call people need to start taking their finances in hand.

“Anyone worried about their longer term finances and retirement should stick to the golden rule and try and save 12% of their income. It might seem like a lot now, but it will be worth it in the long run. If you follow this rule your concerns over retirement savings will start to reduce.”

SOURCE: Scottish Widows, 10/09/09

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