Most people have unrealistic expectations about their future wealth because they are failing to putting enough money aside for their retirement, according to research commissioned by Insight Investment.
It found the average person's expectations are to be buying their first home and begin to saving into a pension by the age of 29. Once they are 35 they would be starting to invest in the stockmarket and then retire at 54.
Despite these expectations, Insight says only 17 per cent of those in their 20s have an Isa.
Among people in their 30s, only 28 per cent have an Isa.
Fifty-two per cent of women have no pension compared with 36 per cent of men. Women are on average likely to start a pension four years later than men. Three-quarters of the sample said they would not invest in equities at all.
Insight questioned a representative sample of 2,000 in the UK at the beginning of September.
Marketing director David Norman says: “People appear to be putting off investment and long-term financial planning to service debts that they take out at an early age. For people to realise their dreams – whether this be a holiday home in the sun, clearing the mortgage or retiring early – people need to ask themselves if, financially, they are planning far enough ahead.
“Insight will be working with IFAs to help consumers to understand the investment options available and we have recently introduced a range of products into the retail market.”
SRCE: Money Marketing
HDLN: North/South property confidence gap narrows
The gap between consumer confidence in rising house prices in the South compared with the North is narrowing, according to the Woolwich.
Its latest research reveals that in September, 64.5 per cent of people in the South thought that property prices would continue to increase compared with 62.6 per cent in the North.
The 2.8 per cent gap in confidence compares with 10.2 per cent in April.
Consumer confidence in the UK as a whole has dec-lined over the year to 63 per cent having a positive outlook on prices in September from 65.4 per cent in April.
But Woolwich says this is a sign that the housing market is becoming more balanced and stable across the country.
Head of lending Andy Gray says: “Britons' confidence in the housing market is now being driven up by the North.”