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Why are we so unprepared for a financial downturn?

Over the last few months there has been plenty of discussion and warning in relation to a possible economic downturn in the UK but recent surveys suggest that very few people in the UK are actually prepared for the possible event. As we move closer towards the UK government's announcement on budget spending cuts, which will total tens of billions of pounds, the UK economic environment can only get worse before it gets better.

When you also take into account the very public attack by the UK government on the benefit system it soon becomes obvious that the welfare state may not be an option for many people in the future. In many ways the UK population is a victim of its own success because over the last few years economic growth in the UK has been very steady and indeed growth in property prices has outstripped many markets around the world. This buoyant economic environment tempted many people to overstretch their financial roots and many are now paying the price and struggling to cover their debt repayments.

It must also be said that previous UK governments have more than played their part in encouraging consumers and businesses to part with their hard earned cash, and more, with a recent call from the Bank of England suggesting that savers in the UK should part with their cash to refloat the economy!

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