Live for today or save for tomorrow?
There are many people in the UK who seem to take a very short-term view of their finances and are more than happy to live for today and forget about saving for tomorrow. But is this the right option or should you be looking further ahead to the future and diverting your finances accordingly?
As ever, it is very much a case of horses for courses with some people able to look to the future and others not in a position to look further ahead than the current month, current week or for some in the UK, no further than the current day. However, if you're in a relatively comfortable financial position you should be looking towards your future whether this is the purchase of a home, life insurance or pensions for example.
Once you start in employment the years will fly by and you will soon realise that at the age of 40 you have made no provisions for your future. The current workforce in the UK will find the state pension will reduce in real terms in the future and at some stage could be cut fairly sharply if as expected the pension liabilities of the UK government continue to rise. There is no doubt you will need savings of your own in the future to uphold your current standard of living or even better it in retirement.
If you are unsure about planning for the future it is vital that you take professional advice as soon as possible.
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