Lack of financial planning costing Brits thousands
One in three Britons turn a blind eye to their finances and leaving themselves dangerously close to debt, new research has revealed.
The report, by AXA, has found 12.4 million people in the UK do not plan their finances at all, while those who do plan, put aside five minutes a week. Perhaps this is the real reason so many people in the UK are seeking a debt solution.
The results also showed that the average Brit has only saved £1,003 this year and 61% have put aside under £500. Further research by AXA found that people could literally be losing hundreds each year by turning a blind eye. Steve Folkard, of AXA, believes the lack of savings is linked to the lack of time people spend planning and budgeting.
“Our research shows that it’s not until people start to spend around an hour a month on planning and reviewing their money issues that they really see their savings pot grow – people who spend more than an hour saved an average £1,532 last year, compared to just £576 saved by people who don’t review their finances on a monthly basis at all,” Mr. Folkard said.
“If we all spend just an hour a month reviewing our income and outgoings, or just 15 minutes a week, we’re convinced that the nation’s financial health would improve dramatically.
There is a direct correlation between the amount of time people spend on their finances and how much they save.”
Finance News posted on 15/10/2007 11:42:45
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