You are here: Home - Insurance - News -

Consumers should follow “five a day” plan for finances

Written by:

The Government should implement a widespread campaign to raise awareness of financial wellbeing, similar to those it has released for healthy eating and drink driving, according to JP Morgan Asset Management.

A survey carried out by the asset manager found that nearly 60% of respondents did not know how much capital would need to be saved in order to generate a pension income of £25,000, forming part of JP Morgan’s incentive to propose a “Financial five a day” plan.

The plan proposes to help consumers understand what their financial-planning priorities should be and in what stages to make the most of their money. The first priority is to arrange life insurance or income protection, followed by building a cash fund, paying off expensive debt and opening an ISA and pension. The fifth stage is for people to review their position as and when needed.

Jasper Berens, head of UK retail sales at JP Morgan, said: “It is inconsistent, in our view, that there are extensive government guidelines on a broad range of aspects of living including diet, exercise, smoking and drinking but absolutely none on financial wellbeing – even though financial security (or the lack of it) can have a knock-on impact on every other aspect of an individual’s life.

“Without laying down some basic principles, it may not be possible to turn around the state of financial planning in this country. Now more than ever, in the throes of the credit crunch, it is essential for the government to help provide simple and effective financial planning guidance accessible to all UK individuals.”

Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Wedding gifts could be next tax target

People who give cash as a wedding present could be taxed, national law firm Shoosmiths has warned.