A large number of people in the south are facing uncertainty in their retirement as 45% admit they are not confident they have saved enough to live comfortably when they retire. More worrying still, 43% are not currently making contributions of any kind into pension plans – nor are their employers on their behalf.
These shocking results come from a survey commissioned by the Institute of Financial Planning in association with NS&I for the national consumer awareness campaign, Financial Planning Week. Of over 2,000 people surveyed by YouGov across the UK, only 1 in 5 in the south (20%) believes they are saving enough for their future needs.
The survey also showed that people in the south are more likely to seek advice about their finances from their family (49%) than from an Independent Financial Adviser (46%). Of those who have sought advice, 70% have turned to their family for help in the past 12 months and only 32% to an IFA. But I want to convince locals of the benefits of working with a professional.
These findings are really quite worrying – the fact that only 4% of people said they will seek professional help to improve their financial position means that they don’t fully appreciate the benefits of working with a financial planner.
At MFP we are supporting Financial Planning Week and trying to spread the word about the benefits of financial planning wider. Financial Planning Week runs from 21st to 27th November and is designed to raise awareness amongst the general public of the importance of being better organised financially. Their website is packed full of tips and tools for people to tackle their own financial circumstances – www.financialplanningweek.org.uk.
We have supplied a case study for use on their website to illustrate the benefits that financial planning has delivered for one of our clients. Click this link to view the case study, and we will also be issuing press releases to the local media.
So if you or someone you know thinks now is a good time to review their finances, then get them to give us a call.