Apparently there are three different attitude types of people, firstly there are those who get involved and go out and make things happen, secondly there are those who simply observe and say “look what happened” and thirdly there are those who eventually wake up and say “what happened?” According to a recent survey by the insurance giant Zurich, a large proportion of the population of the UK are residing in the third category, particularly when it comes to their finances.

The research showed that since the onset of the credit crunch, fewer than one third of us have reviewed their financial planning as a result of the economic slow down and over 20% don’t actually believe there is anything to be concerned about and think “credit crunch” is an expression invented by the media.

Of those individuals who do acknowledge that the credit crunch exists, more than a third believe it will not have any effect on their personal circumstances, despite the fact that the cost of living and inflation is rising dramatically, house prices are falling and personal loans and mortgages are becoming more expensive and increasingly harder to be accepted for.

Of those interviewed, over half said that they thought property was still a good investment and they’re probably right, over the long term. When asked about their financial priorities the answers differed between age ranges: for married couples the top priority was still to own their own home, for single people the main concern was to be free of any loan or credit card commitments. Young people said number one was to own a car, closely followed by being debt free. For those in the 45-55 age range again the priority was home, then car then, not surprisingly pension planning. For those nearly at, or entering retirement, the priority was to own their home outright, clear any outstanding personal loans or other debts and to have some savings.

The lowest priority for most age ranges was regular holidays and life insurance. It is quite reassuring to see that most groups considered clearing up their personal loans, mortgages and other debts as a priority, although how many actually do so is probably a different story!