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Finance begins at 40

People in their 40s are the most confident about investing and save the highest amounts in pension policies, according to Insight Investment.

They are most likely to make their own decisions and this is also the age group which is most likely to have large surpluses of cash left at the end of the month.

Insight reveals that 27 per cent of this age group have over £300 left at the end of the month compared with only 16 per cent of those over 50.

This is also the group that is least likely to have any debts.

It found that retirement becomes increasingly relevant for the 40-something age group, with people making the highest contributions to personal pensions, at an average of £85 a month compared with £27 a month for people in their 20s.

Managing director (retail) David Norman says: “While the research suggests that 40 is a milestone age for consumer money management attitudes and habits, it does show that many people are leaving it too late to plan and take control of their finances.”

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