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Under-28s don’t plan finances

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Brits claim that, on average, they are oblivious to planning their finances for the longer-term until they turn 28 years old.

According to the financial Safety Net Reoprt published by financial adviser firm Bright Grey, when people were asked when they thought about long-term financial provisions like starting a pension or saving a deposit for a house, the average age was 28 years old.

However, 4% only realised they needed long-term financial planning at age 50 or above, while one in twenty (5%) said they didn’t need to plan financially for the long term at all.

The study also showed that almost 17m people aged 35 and over (46%) believe they have achieved the general dream that they had at the age of 20.

Generally speaking that involved getting married, being happy, starting a family, travelling the world and owning a business.

For many, earning lots of money was the most important thing to them at 20 years old.

Sadly, almost one in four in the 35+ age bracket (24%) believes they will never fulfill their dream from age 20.

Roger Edwards, managing director at Bright Grey, said:

“28 is around the age that for many, they may take key lifestyle choices such as buying a first property, getting married or having a child. With these changes can come responsibility, and this means waking up to the very real need to have finances in order. Unfortunately the ‘dream’ of getting very rich in later life happens to precious few, and for the rest of us, maintaining a healthy financial lifestyle is critical.”

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