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BlackRock says savers need to start sooner

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Global asset management group BlackRock has launched a new ‘plan for income’, saying that the next generation will need to be less reliant on cash and the value held in their properties to plan their financies successfully.

The group says that investors do not need to be wealthy to start saving, but they need to start saving sooner and to be more aware of inflation when they invest.

Alex Hoctor Duncan, head of BlackRock’s EMEA Retail business, says: “Our research with retirees suggests that most wish they had started saving earlier and be less reliant on cash. The previous generation has had the benefit of house price inflation, which may not be an option for the next generation. We believe that investors don’t need big salaries to start saving, they simply need to start saving.”

The BlackRock Plan for Income is an interactive digital platform, which allows users to build a picture of their income needs over a lifetime, incorporating various life events. It then enables them to explore different investment options according to those needs, building a virtual portfolio of active and passive funds. It also allows investors to create a personalised action plan.

The group says that investors who have a financial plan are twice as confident of meeting their long-term financial goals. Also, it encouraged UK investors to look beyond UK equity income funds and fixed interest to build a sustainable income stream over time.

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