One in ten UK singletons are out of control of their finances while over half of UK adults refuse to cut back on spending to save more for retirement, says new research from IFA Promotions.
The research, which included a survey of 2,000 UK adults conducted during October 2005, suggests UK singletons could be fuelling the UK’s inability to save for the future. 41 per cent have already suffered a financial crisis at some point in their lives, compared to 28 per cent of married people. IFAP’s annual Get Saving! study shows that just over half of the UK adult population or 24 million people are not prepared to cut back on spending to save more for retirement, and 70 per cent claim they cannot save a penny more than they currently do.
The study also shows that people are delaying being grown up about their money as the average age of marriage for both men and women has increased to 28 and 30 respectively. The average age for buying a property has also risen to 34. This naturally impacts on our attitude towards our money as people feel they can put off settling down and being grown up about their finances.