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Royal London reveals obstacles to saving

Despite Government encouragement only ten per cent of people are making provision for their financial future according to a survey by Royal London Insurance.


The survey finds that 48 per cent do not earn enough money, 20 per cent have too high lifestyle costs or too much debt, ten per cent are confused by products available and need advice from an IFA and ten per cent are not interested in saving money.


The survey also finds that 80 per cent of people who save, use bank and building society deposit and savings accounts or National Savings.


The research has encouraged Royal London to develop ISAs which place greater emphasis on the promotion of financial advice and socially inclusive savings products.

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