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People 'prioritise family over money'
Family and friends are more important to people than money is, according to one expert.
John Lawson, personal finance specialist, has stated that while many consumers worry about cash flow problems, they spend longer thinking about their loved ones.
He stated that Brits "definitely [prioritise] emotional commitments", adding: "Family, friends and loved ones are an important part of people's lives."
Psychologist Dr Janet Reibstein also stated that people are able to make a distinction between their finances and their emotions and this is why decisions are often made according to the lives people want and not whether they can afford them.
However, this could see many fall into debt problems, which is likely to worsen over the next few years if predictions from the Institute for Fiscal Studies (IFS) are true.
Earlier this month, IFS researchers stated that a drop in living standards will continue to be felt by people in the UK until 2014 as a result of low earnings and higher expenses.
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John Lawson, personal finance specialist, has stated that while many consumers worry about cash flow problems, they spend longer thinking about their loved ones.
He stated that Brits "definitely [prioritise] emotional commitments", adding: "Family, friends and loved ones are an important part of people's lives."
Psychologist Dr Janet Reibstein also stated that people are able to make a distinction between their finances and their emotions and this is why decisions are often made according to the lives people want and not whether they can afford them.
However, this could see many fall into debt problems, which is likely to worsen over the next few years if predictions from the Institute for Fiscal Studies (IFS) are true.
Earlier this month, IFS researchers stated that a drop in living standards will continue to be felt by people in the UK until 2014 as a result of low earnings and higher expenses.
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Published: 16/09/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.