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With Halloween upon us, it’s not just ghosts and spiders that are frightening people - our personal finances can be just as terrifying. According to recent statistics, the money habits of people in the UK reveal some truly scary realities.
From shockingly low savings to soaring debt levels, these finance facts are enough to make anyone’s wallet scream. But with tools like ImageNPay, you can take charge of your spending and build positive financial habits.
1. Over Half of the UK Has Less Than £100 in Savings
One of the most alarming statistics is that 52% of UK adults have less than £100 in savings. That means more than half the population is just one unexpected bill away from financial trouble. Whether it’s an emergency car repair, a sudden dental expense, or an unexpected rent increase, not having a financial safety net leaves you vulnerable to debt.
How ImageNPay Can Help:
With ImageNPay’s digital prepaid card, you can set spending limits to ensure you’re not dipping into your emergency funds. You can load a specific amount onto the card and use it for daily expenses, keeping your main savings untouched. This way, you’ll have more control over where your money goes and can build up a cushion for emergencies.
2. The Average Household Debt in the UK is £65,000
With the cost of living rising and wages struggling to keep up, household debt in the UK is growing rapidly. The average UK household now owes around £65,000 in debt, including mortgages, credit cards, and loans. High-interest debts, like credit cards, can spiral out of control quickly, trapping people in a never-ending cycle of payments.
How ImageNPay Can Help:
ImageNPay's prepaid cards offer a simple way to avoid falling into deeper debt. Since you can only spend what’s loaded onto the card, there’s no risk of accumulating credit card debt or getting hit with surprise interest charges. Plus, by sticking to a budget and using your prepaid card for daily purchases, you’ll avoid the temptation to overspend.
3. 1 in 3 Brits Have NO Pension Savings
This might be the spookiest statistic of all: 33% of UK adults have no pension savings at all. That’s a financial grave mistake that could come back to haunt you in your later years. Without pension savings, you risk working well into your 60s and beyond, with no security in retirement.
How ImageNPay Can Help:
ImageNPay’s digital prepaid card can help you manage your daily spending, leaving room to invest in your future. By tracking your spending through the app, you’ll gain insights into areas where you can cut back and start putting money aside for long-term goals, like retirement savings.
4. 60% of Brits Don’t Have a Budget
Budgeting might seem boring, but not having one can be downright frightening! In the UK, 60% of people don’t use a budget, which makes it easy to lose track of spending and fall into financial trouble. Without a clear plan, money can slip through your fingers faster than you realize.
How ImageNPay Can Help:
Budgeting doesn’t have to be complicated. With the ImageNPay app, you can monitor your transactions in real-time, set spending goals, and get alerts when you’re nearing your limits. The prepaid card acts as a financial safety net, making sure you don’t spend more than you have.
Conclusion: Don’t Let Scary Spending Habits Haunt You
Managing your money might seem daunting, but with tools like ImageNPay, you can regain control and avoid frightening financial mistakes. From building up savings and avoiding debt to making sure you’re prepared for retirement, our digital prepaid card is a powerful tool to help you stay on track and build positive financial habits.
Ready to take the next step in reaching your financial goals by improving your spending habits?
The ImageNPay app can help! With your very own virtual prepaid card, you can set spending limits to help you stick to your budget, enjoy safer spending online and in-store, and more.
Tap the button below to find out more and download ImageNPay FREE on App Store and Google Play!
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