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Consumers urged to take financial control

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While 93% of people admit to worrying about their financial future, three quarters are not making appropriate plans for the future, a new study has shown.  

Nearly half of people haven’t drawn up a financial plan, the same number stick to a clear budget only occasionally and 28% have no budget whatsoever, according to a YouGov survey carried out for the Institute of Financial Planning.

When it comes to saving, a third of people save £100 or less each month, while 26% save nothing at all. In addition, 56% are struggling or falling behind with bills or other financial commitments, 15% routinely struggle to last out until payday and nearly two thirds say their household financial circumstances have got worse in the last six months.

This week is the UK’s first ever Financial Planning Week, run by the Institute of Financial Planning. It aims to raise awareness of the importance of financial planning. Nick Cann, chief executive of the Institute of Financial Planning, said: “The inaugural Financial Planning Week is upon us and this is an opportunity for everybody to do at least one thing to improve their own personal situation.

“Financial Planning Week intends to give consumers confidence to take some positive action, a lot of which can be done without professional help.”

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