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IFAP urges public to seek advice as report shows one-third have no savings

IFA Promotion is urging consumers to book a financial healthcheck with an IFA after its research revealed that a third have no savings.

The report – Get Saving! – shows a chasm between the rich and poor in the UK, with vast inequality in the ownership of £2.7trn in personal assets.

IFAP says 10 per cent of people own 54 per cent of the country&#39s wealth. Fifty-seven per cent have no more than £1,500 in savings.

But IFAP calculates that people from both ends of the socio-economic spectrum need to save more – 77 per cent of those on lower-than-average incomes and 57 per cent of those on above-average incomes.

The report was prepared by RAKM using Government and industry data alongside a face-to-face consumer research of 4,022 UK adults in September last year.

Chief executive David Elms says: “Fallen stockmarkets and low savings rates on offer from banks and building societies may well be putting many people off making greater provision for their futures. However, our report makes clear just how few people currently have what financial experts consider an adequate savings safety net. We are urging people who do not have enough set aside or are not sure if they have to speak to an IFA and take advice on their long-term savings options.”

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