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Brits 'need to improve' financial planning

Not enough people are making financial plans for the future and are instead relying on predicted higher earnings or a possible windfall, it has been claimed.

According to a new survey by National Savings & Investments (NS&I), just 11 per cent of respondents said they have a detailed plan for their money, while 39 per cent of those people had only planned as far ahead as five years.

The report also highlighted a slight difference in financial attitudes between the genders, with 22 per cent of the UK's women saying they do not worry about their situation because they expect to be earning more in the future, compared with 27 per cent of men.

Dax Harkins, senior savings strategist at NS&I, said: "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 saving as early as possible."

Mr Harkins also advised people to make sure they have enough money to keep them afloat in case of a "financial emergency".

The Council of Mortgage Lenders has this week advised consumers to plan carefully in all areas of their finances, particularly during the uncertain financial climate recently brought on by interest rate rises.

See how much you can save when you apply for a loan with Lombard Direct.

15/06/2007 17:23:23

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