Great 'Biggest financial fear' Hunt

cliveoram

My greatest fear is from those we trust to manage our money - the Banks. During the 80's I built a successful business and in 1990 was looking forward to enjoying the rewards of all that hard work. My Bank Manager persuaded me to consolidate all my money into two accounts at separate branches of the same Bank and to take out a small overdraft on my business account to cover the cost of relocating my business. Within a few weeks he had been replaced and someone had opened an account in my name at a third Branch, (I did not know this of course). My new Manager froze both my business and private account and used the money to pay off the "debt" that had accrued and despite two and a half years of legal battles I got no compensation and obviously had no business either.:mad:

rich744

Not being able to meet the mortgage......

slbhill

My company going bust because of the recession - leaving me with no job and presumably no redundancy. If that happens everything else will fall like dominoes.

goodgirl80

Redundancy....and Payday loans :eek:

libra10

My husband and I are both retired and living from a mix of state and other pensions, plus interest from savings and investments.

Although we're careful to keep within government compensation levels, our main financial worry is more banks or financial institutions going bust!

dollybeads

My biggest fear has only recently come to light, and that is the total lack of financial savvy that I had. From basic budgeting to understanding some of the simple things about banking, how APRs work, the real cost of credit etc etc

I have now thankfully cottoned on (thanks to MSE and DFW in particular) but am worried for the future with my children and grandchildren and for the rest of the country. I had a decent education, parents who were financially responsible but somehow this all passed me by. Not sure of the solution to tackle the whole live now pay later culture but we need to think of solutions and quick!

Dolly x

wherediditallgothen

dollybeads wrote: »

My biggest fear has only recently come to light, and that is the total lack of financial savvy that I had. From basic budgeting to understanding some of the simple things about banking, how APRs work, the real cost of credit etc etc

I have now thankfully cottoned on (thanks to MSE and DFW in particular) but am worried for the future with my children and grandchildren and for the rest of the country. I had a decent education, parents who were financially responsible but somehow this all passed me by. Not sure of the solution to tackle the whole live now pay later culture but we need to think of solutions and quick!

Dolly x

x2

I used to not care about money. I never had any real serious debt, (or at least some of the amounts on here make me :eek:), but I never used to budget or check my balance or have any idea whatsoever about my finances.

I'm getting there slowly, but as our finances are so tight, one trip back to my old ways could have difficult consequences.

flowerofscotland

Unemployment followed by living on a pension income that seems to reduce every time I look at it. I've been made redundant twice and in both cases it was unexpected and although I received a reasonable payoff each time it took 6 months to find another job by which time I had used most of the redundancy money. The thought of trying to find another job in the current economic climate is terrifying.

bratz81

I used to be the same - never caring about money the same and got out a credit card and a loan, seeing it as free money in a way. I've not cottoned on too and am paying this back.
But my big fear right now is losing my job and not being able to pay the debt back....it's keeping me awake at nights to be honest.

sickbean

Unemployment, followed closely by mortgage interest rates.

The more you think about what would happen if you lost your job, the more you realise what a good idea it is to have 6 months salary in cash (I wish).