West Berkshire & North Hampshire

 The Financial Planning Week Survey 2011 has estimated that almost half of people living in the South of England are not saving for retirement.

The survey, which was conducted by YouGov, discovered only 21% believe that they are saving enough for their future and around 33% are not currently contributing to a pension plan of any sort. A further 10% had not contributed at all and 11% felt they would never be able to retire. The survey showed people were struggling to sort out current debts and think about their financial future but with inflation at a three year high this is likely to continue.

The fourth annual Financial Planning Survey, commissioned by the Institute of Financial Planning (IFP) in association with NS&I (National Savings and Investments), is part of the UK Financial Planning Week which takes place 21st to the 27th November. The aim of the national campaign is to raise awareness amongst the general public of the importance of financial planning.

Nick Cann, CEO of IFP commented “These findings present a worrying picture for so many people who are facing an uncertain future yet not taking appropriate steps to improve their situation. There seems to be awareness but no link to action. During Financial Planning Week we’re providing practical tips, tools and information that people can use to improve their finances and get a clearer understanding of the choices that they have.”

John Prout, Retail Customer Director at NS&I, adds “Financial Planning Week highlights the importance for all of us to properly plan our finances. Reviewing our finances, either for the short or long-term, can take many forms, beginning at home by seeking advice from family role models, by contacting organisations such as the Money Advice Service or through paid professional advice.”

People can go to www.financialplanningweek.org.uk and use a range of tools to plan their finances better such as the cash flow forecasting calculator which helps with budgeting.