Are You Planning For The Future?
A recent report into personal finance has created something of a stir in Government circles with the majority of the UK population apparently confused by the vast array of financial products available.
The report confirmed the Government’s worst fears with less than 4 in 10 of the UK population saving for their retirement - which will surely result in an even greater strain on the UK Pension system in the future.
It seems that there is still much work to do to educate the UK public with regards to saving for their future retirement, how to budget and looking beyond the short term. This has further strengthened the call for more detailed financial planning to be taught at school, ensuring that the younger generation are more aware of their future requirements.
Why are people not planning for the future?
Of the reasons mentioned for this lack of long term planning were :-
· Confusion with regards to the cost of financial products.
· A belief that the state would provide for people in the future.
· Scepticism with regards to the financial industry (recent mis-selling scandals).
· The cost of living.
When you bear in mind the fact that the UK has one of the most developed financial markets in the world, it does seem strange that the general public are not planning for their future.
The longer this situation continues the more chance of firmer Government intervention which would be sure to cause resentment with the UK population.
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