Save for the Future, Brits are Urged
The high cost of living is preventing Brits from planning their long term goals, according to new research.
Almost half of UK adults only manage to plan their finances up to a year ahead, while 17 percent do no financial planning at all, a survey by Standard Life revealed.
One fifth of the population plans up to five years into the future, and 16 percent, more than six years ahead, highlighting the need for more people to address their long term savings plan for the future.
“The growth in our ageing population has created a dramatic need to shift from a culture of spending to one of saving,” said Bruce Kelsall, Standard Life Group and UK marketing director.
“People are completely comfortable making financial plans for a summer holiday; planning and investing in your future is no different.”
Londoners were found to be the best financial planners regionally, with 17 percent planning six years or more ahead. While those from Scotland were found to be the least likely to make long term financial plans, as only 11 percent plan this far in advance.
Pay as you go cards
As inflation is hitting the nation’s budgets, Brits are finding it harder to save and enjoy the same standard of living they had become accustomed to.
While it may seem like the best choice, to reduce savings to maintain this lifestyle, there are ways you can reduce your spending without giving up the odd treat.
A pay as you go card for example could help you budget your spending, so you do not go overdrawn at the end of the month. If you plan ahead each month, setting aside enough for each area of essential spending, you may be able to save some money for the future too.