The Institute of Financial Planning is co-ordinating a national consumer awareness campaign this week to flag up the importance of financial planning.
The professional body is running the campaign in association with National Savings & Investments and is publishing a series of daily polls throughout this week looking at consumers’ attitudes to money.
Out of over 2,000 adults polled by YouGov some 87 per cent felt that they would be more likely to save if financial products were more flexible and made easier to understand.
Only 3 per cent of respondents said they never worried about money, compared to 12 per cent in 2009.
Some 27 per cent of those polled said they never set themselves a clear budget to follow, while 33 per cent say they hope to improve their financial situation by winning the lottery.
IFP chief executive Nick Cann (pictured) says: “This survey has indicated yet again that consumers are worried about their financial position, yet they are not taking appropriate financial planning steps to improve it.
“They are confused by the range of products available and lack confidence in them too. The Government has indicated that individuals will need to take more personal responsibility when planning their finances if they are to accumulate the funds necessary to provide the standard of living that they aspire to in retirement. Clearly, the need for sound financial planning has never been greater.”
NS&I sales director John Prout says: “It is important that consumers make an honest appraisal of their financial situation on a regular basis, through assessing three key things; the value of their debt and/or assets, the interest rate they are paying or earning on these and whether they could manage financially if their income was to reduce or their outgoings to increase.
“By reviewing and making plans to manage the unexpected it should to be much more manageable should they ever experience a squeeze on their finances. For some people seeking independent financial advice may be a key part of this process.”