Britons failing to plan for the future
A third of Brits are “financial fantasists” according to the latest quarterly savings survey published by National Savings & Investments.
The group are gambling with their security by expecting to earn higher sales in the future, borrowing money or expecting to receive a windfall or inheritance, instead of making a detailed financial plan for the years ahead.
The survey also revealed that 55% of British people say they have not made any financial plans for the future.
Dax Harkins, senior savings strategist at NS& I, said: “It’s a real concern that such a high percentage of people haven’t made a financial plan for their future, and even more worrying that a significant number are basing their financial security on their future earnings potential.
“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 start saving as early as possible.”