Finance Choices
Two in five do not plan financial futures
Two Britons in five spend no time at all planning for their financial futures, new research from Barclays has revealed.
Moreover a further 38 per cent spend less than 15 hours a year thinking about what will happen to their money.
Barclays also found that of the people who think about their money, almost one in five (18 per cent) relies on friends and family for advice - with just one UK resident in four seeking professional help from a financial advisor.
"We are not a nation of planners - 33 per cent of us don't even spend time planning our annual holiday. It is more worrying, however, that so many of us fail to spend time planning for our financial futures," commented Ray Greenshields, managing director of Barclays UK Private Client businesses.
While more than three quarters of the nation (77 per cent) spend less than two and a half minutes a day thinking about their financial futures, Barclays found that there are certain prompts that lead people to seek help.
The bank found that a sudden windfall or inheritance would see most Britons (53 per cent) take a trip to a financial advisor. Additionally, 44 per cent of people getting close to retirement seek advice, while moving home sees 41 per cent of the nation look for advice on money matters.
Less happy reasons for approaching an advisor include getting divorced (which would see 37 per cent of people seek financial help) and the death of a close friend or family member, after which 33 per cent of people seek out advice.
Having children or grandchildren motivates one person in four to look for professional help with their money, while a conscientious 19 per cent of the population go to an advisor after changing jobs or getting a pay rise.
Moreover a further 38 per cent spend less than 15 hours a year thinking about what will happen to their money.
Barclays also found that of the people who think about their money, almost one in five (18 per cent) relies on friends and family for advice - with just one UK resident in four seeking professional help from a financial advisor.
"We are not a nation of planners - 33 per cent of us don't even spend time planning our annual holiday. It is more worrying, however, that so many of us fail to spend time planning for our financial futures," commented Ray Greenshields, managing director of Barclays UK Private Client businesses.
While more than three quarters of the nation (77 per cent) spend less than two and a half minutes a day thinking about their financial futures, Barclays found that there are certain prompts that lead people to seek help.
The bank found that a sudden windfall or inheritance would see most Britons (53 per cent) take a trip to a financial advisor. Additionally, 44 per cent of people getting close to retirement seek advice, while moving home sees 41 per cent of the nation look for advice on money matters.
Less happy reasons for approaching an advisor include getting divorced (which would see 37 per cent of people seek financial help) and the death of a close friend or family member, after which 33 per cent of people seek out advice.
Having children or grandchildren motivates one person in four to look for professional help with their money, while a conscientious 19 per cent of the population go to an advisor after changing jobs or getting a pay rise.
posted by Bruce Wayne at 4:24 PM
Two in five do not plan financial futures
3 Comments:
This doesn't suprise me. Most of the people I know have no idea about financial planning and spend most of their money down the boozer lol
Two in five existing investors would not know where to put a £10,000 windfall, new research has found, and yet just one in five consults a financial advisor.
New Star Asset Management polled existing investors and discovered that, if they had £10,000 to invest, many could not choose between equities, bonds, residential property, commercial property, or another type of fund.
Yet, despite this just one in five (21 per cent) chose to seek expert advice before investing their money.
When asked what the biggest influence was on where they placed their money 42.4 per cent said it was their bank or building society, while one in ten said they used tips from the money pages of newspapers.
I haven't seen any stats recently, but that's pretty close to what I've read about the situation here in the US.
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