Savers `should not make sacrifices to maintain lifestyle`

Insurance company LV= (Liverpool Victoria) has advised consumers not to sacrifice insurance and savings in order to maintain their current lifestyle, according to Moneyfacts.co.uk.

Research from LV= found that meeting the cost of sustaining a comfortable lifestyle was a bigger financial concern for consumers than shrinking savings.

But LV= group chief executive Mike Rogers stressed the importance of protecting their financial situation.

A spokesperson for debt management company Gregory Pennington said: "It`s true that neglecting insurance and savings to maintain a certain lifestyle is usually a bad idea.

"Even so, while savings are important, people with debts may be better served by focusing on repaying them, since the interest on debt can grow a lot more quickly than the interest on savings.

"Anyone in debt who is unsure about how to manage their finances should speak to an expert debt adviser to discuss their situation."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.