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Spenders dismissing the 'buy now, pay later' culture
08/07/2008 17:28:00
People's attitudes to their outgoings are changing from "denial" to "maybe panic", according to speculation from a leading financial services provider.
Head of pensions at Scottish Widows, Ian Naismith, believes Britons are becoming more worried about their financial future, signalling a shift in a generation accustomed to using "easy" credit for purchases over the past few years.
Mr Naismith said up until now people have felt "they can spend more or less what they want and worry about the consequences later and it takes a long time for that mindset to change".
He also alluded to the fact people are now concerned they may not have enough funds in retirement to live on and some people are even "into panic", but still people can do more than they are to sort themselves out financially.
Based on findings from the company's 2008 pensions survey, four out of ten people felt better off five years ago than they do now and people of working age are generally less upbeat than those nearing retirement.
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