Savings tops list of financial worries

| November 15, 2011
Savings tops list of financial worries

There has been a substantial increase in the number of people worried about their finances over the past six months and savings are the main area of concern.

A survey by financial advice site unbiased.co.uk discovered that 47 per cent of British people are more concerned about their savings than they were six months ago.

Savings was the main worry for 40 per cent of those surveyed, 29 per cent said retirement and pension planning caused them the most concern while 29 per cent expressed a more general worry about ‘the future’.

More people are being forced to turn to credit cards to fund their purchases, especially with Christmas just around the corner.

Karen Barrett, Chief Executive at unbiased.co.uk said: “Careful planning could make a real difference to both your current financial situation and also securing your future”.

The survey by unbiased.co.uk was carried out as part of Financial Planning Week, a national consumer awareness campaign organised by the Institute of Financial Planning, which will take place from 21 to 27 November.

YouGov and NS&I will carry out a consumer Financial Planning survey as part of the campaign.

A study by Defaqto, carried out as part of the campaign, suggests that more people are seeking professional advice over their finances.

The number of people seeking professional financial advice has increased by 11% in the last year, according to the research.

However, only 36 per cent of people seek independent advice before buying financial products, leaving them at risk of buying a product which doesn’t fully meet their needs.

The Institute of Financial Planning is making free Financial Planning software available to download from its site as part of Financial Planning week and financial planning experts will be available to answer questions online.

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