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On the eve of what is sure to be Alistair Darling's most important political statement there is speculation and counter speculation about how he will address the situation of the UK economy next...
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Wednesday 27th June 2007
The majority of British people have no financial plans for the future, with only one in ten having a detailed plan for financing their lives in years to come, a new study has shown.
According to National Savings & Investments' Quarterly Savings Survey, 55 per cent of people have no savings plan in place, while a further 32 per cent only have some vague ideas about financing their future or say their plan is a work in progress.
Of the 11 per cent who have a detailed plan, two in five people have only planned for the next five years.
While 12 per cent of Brits do not have any savings at all, 21 per cent have less than £1,000 in the bank. As a result of this, 30 per cent of people in the UK say they do not have enough saved up to cope should a financial emergency arise.
It seems that only as people age do they start to plan ahead financially, as 54 per cent of people aged 45 to 54 say they do have some kind of financial plan in place.
Dax Harkins, senior savings strategist at National Savings & Investments, said: "It's a real concern that such a high percentage of people haven't made a financial plan for their future…There's never any guarantee that people will earn more as they get older so it's really important that people start their financial planning and start saving as early as possible."
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