The survey, which is running in its fourth year, was commissioned by the IFP and National Savings & Investments to mark National Financial Planning week.
It was conducted by YouGov and questioned 2000 people across the UK, revealing that most people see retirement as a “long way off” and are more concerned with paying off immediate debts than planning for the long term.
Among those questioned, 14 per cent said they had not made any pension contributions and a further 31 per cent said they were not contributing to a pension at all, but had contributed in the past.
Two-thirds of women and more than half of the men said they worry about money always or most of the time.
Nick Cann, chief executive of IFP, said: “Yet again this year, our survey findings present a worrying picture for so many people who are facing an uncertain future, yet not taking appropriate steps to improve their financial situation. While accepting that there are things that consumers can do themselves, the services of a professional financial planner are invaluable to help the consumer get the context that they need when planning their finances, and their lives, effectively.”
However, according to the survey, the proportion of respondents who had a financial plan which they drew up and reviewed regularly amounted to just over half those questioned, the same as in 2010.
The likelihood of having a financial plan increased as the respondents got older. Among those aged between 25 and 34, 39 per cent had made a plan, compared to 53 per cent of those over the age of 55.
Just over one-quarter said they could not see any benefit in seeking financial advice, the same percentage as last year, but 17 per cent said it was likely that they would seek advice from an IFA over the next six months.
John Prout, retail customer director at NS&I, said: “Financial planning week highlights the importance for all of us to plan our finances properly, all the more so when money is tight for many people.
“Reviewing our finances, either for the short or long-term, can take many forms, beginning at home by seeking advice from family role models, by contacting organisations such as the Money Advice Service or through paid professional advice. The key is to encourage everybody to plan their finances and to demonstrate the benefits of doing so, for example in saving money through switching utility providers.”
Source: http://www.ftadviser.com/2011/11/25/ifa-industry/trade-bodies/debts-prevent-majority-from-retirement-saving-QoqHHzcJYiVoJfzYnqG5YK/article.html
It was conducted by YouGov and questioned 2000 people across the UK, revealing that most people see retirement as a “long way off” and are more concerned with paying off immediate debts than planning for the long term.
Among those questioned, 14 per cent said they had not made any pension contributions and a further 31 per cent said they were not contributing to a pension at all, but had contributed in the past.
Two-thirds of women and more than half of the men said they worry about money always or most of the time.
Nick Cann, chief executive of IFP, said: “Yet again this year, our survey findings present a worrying picture for so many people who are facing an uncertain future, yet not taking appropriate steps to improve their financial situation. While accepting that there are things that consumers can do themselves, the services of a professional financial planner are invaluable to help the consumer get the context that they need when planning their finances, and their lives, effectively.”
However, according to the survey, the proportion of respondents who had a financial plan which they drew up and reviewed regularly amounted to just over half those questioned, the same as in 2010.
The likelihood of having a financial plan increased as the respondents got older. Among those aged between 25 and 34, 39 per cent had made a plan, compared to 53 per cent of those over the age of 55.
Just over one-quarter said they could not see any benefit in seeking financial advice, the same percentage as last year, but 17 per cent said it was likely that they would seek advice from an IFA over the next six months.
John Prout, retail customer director at NS&I, said: “Financial planning week highlights the importance for all of us to plan our finances properly, all the more so when money is tight for many people.
“Reviewing our finances, either for the short or long-term, can take many forms, beginning at home by seeking advice from family role models, by contacting organisations such as the Money Advice Service or through paid professional advice. The key is to encourage everybody to plan their finances and to demonstrate the benefits of doing so, for example in saving money through switching utility providers.”
Source: http://www.ftadviser.com/2011/11/25/ifa-industry/trade-bodies/debts-prevent-majority-from-retirement-saving-QoqHHzcJYiVoJfzYnqG5YK/article.html
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