More than half of UK people do not have a coherent financial plan for later life, according to the findings of a new savings study.
When asked if they had a long-term financing plan by financial services provider National Savings & Investments, 55 per cent of respondents admitted they did not.
Meanwhile, a further 11 per cent revealed that they had a vague financing plan, while 21 per cent said their plans were in the development stage at the moment.
It means that 11 per cent - or one in nine - actually possessed a detailed financing plan for the future.
Dax Harkins, senior savings strategist at National Savings & Investments, has expressed concern at the findings.
"In some cases, these people may find that they do not actually have enough money to keep them afloat should something serious happen," he warned.
One way of boosting savings is to invest in premium bonds.
Backed by the government, these products see bondholders automatically entered into regular prize draws where they could potentially receive a £1 million dividend or a host of smaller tax-free rewards.
Financial planning shunned by 1 in 2, savings research shows
Financial planning shunned by 1 in 2, savings research shows
Mon, 18 Jun 2007
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