Partner Article

Survey Reveals Cavalier Attitude To Saving Amongst UK Singletons

One in ten young single people in the UK have admitted to feeling out of control financially, a new survey has revealed. Just over half are not prepared to cut back on spending to save more for retirement and nearly three quarters claim they cannot save a penny more than they currently do, IFA Promotion’s annual ‘Get Saving!’ study shows. This is despite the widely reported UK savings gap and the possibility of a rising state retirement age. The survey also reveals that 41% of singletons have already suffered a financial crisis at some point in their lives, compared to 28% of married people.

Other trends impacting on people taking hold of their finances, uncovered in the survey, include an increased average age for first marriage (28 for women and 30 for men) and buying a property (34). 72% of 25-34 year olds also admitted that they prefer to bury their heads in the sand and simply don’t know what their financial situation is.

David Elms, Chief Executive of IFA Promotion, said: “Retirement seems a long way off when you are in your late twenties or early thirties but if you don’t start planning for your pension in time it will have a serious effect on your future lifestyle. We are delaying important life events such as marriage and mortgages until later in life but this doesn’t necessarily mean we want to work into our dotage because we can’t afford to retire. The only sure-fire way to solve this dilemma is to take some responsibility for your long term finances now and get saving.”

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This was posted in Bdaily's Members' News section by Ruth Mitchell .