Thursday, 16 November 2017 11:07

Bank managers named most likely people to be in debt

You’d think that if you or someone you knew was employed in a managerial role then that particular person would demonstrate skills of organisation, good money control and be on top form with regards administrational and financial concerns – it appears that this ideology just isn’t true, however, especially if you take heed of recent research.

According to several surveys from a leading financial firm, managers, and in particular managers in retail and, ironically, banks, are one of the most likely groups of people to get into debt problems.

For many people, this is a ridiculous scenario. How can bank managers who are paid to look after people’s finances and give advice on how best to deal with financial arrangements themselves be in such trouble with money? It doesn’t fill you with the greatest of confidence.

And it isn’t to do with the amount of money they take home in terms of pay packets either, as bank managers and retail managers are, on the whole, known to have very decent salaries compared to other professions.

The same survey that highlighted these figures, also showed that retired people are struggling with debts and we can only assume that this is because the amount of money that they retired with just isn’t sufficient when factoring in the cost of living these days.

Other groups of people that make the list of people seemingly struggling with money management include; support workers, cleaners, the unemployed and admin assistants.

Some of the aforementioned job roles are not known for their high wages so it is inevitable that a lot of these people doing these vocations may struggle to make ends meet from time to time, hence why they feel the need to take out loans and why they probably appear to be in debt more often than other people.

But it is still hard to comprehend how people in bank manager roles can be propping up a high debt list.

We can only assume that wage rises haven’t been occurring as frequently as the cost of living keeps rising, and people, from all walks of life, are struggling to bridge the gap.

Bank managers, and people in other similar roles, have always enjoyed quite good salaries, and this is still true today when in comparison to other professions. The problem is, however, that these people will probably have larger houses than most people and will, therefore, have larger mortgages to pay off. This is tricky to maintain when wages haven’t risen and look likely to remain the same, whilst all the while the cost of living is rising astronomically.

Articles also written by us have stated that people are heavily reliant on credit cards these days, and people are coming unstuck with the plastic.

Regardless of what job you’re in, what house you own, or what wages you take home, what we have learnt is that nobody is immune to financial problems. Logo is a trading name of Quick Loans Ltd, registered in England and Wales. This site is no longer authorised or regulated by the Financial Conduct Authority. 

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