When it comes to comprehensively and carefully storing away money for the future, are you doing as much as you should be?
Are you setting aside those vital funds that you will require for post-work life, or is this something you need to give additional thought to?
A Growing Problem
According to investment specialist Standard Life, 33% of adults cannot picture and acknowledge their own financial needs more than four years ahead.
This means that when it comes to saving for long-term goals such as buying a house or preparing for retirement, many millions in the UK are not on the right track.
Similarly, a research study carried out by Santander revealed the quite startling statistic that one in 10 UK adults ‘do not know enough’ to start saving, while 61% admit they are regularly ‘shocked’ when checking their bank account.
And, if you needed any further evidence that UK adults are neglecting to save for the future, research from The Money Charity (TMC) should give you pause for thought.
The study found that a staggering 35% (9.24m) of UK households do not have any access to any money in a savings account, while approximately half (48%) have a maximum of £1,500 stashed away for the future.
A vast number of people in the UK are now regarded as financially illiterate.
According to the results of a ground-breaking study carried out by Standard and Poor’s, one in three UK adults do not have the requisite financial knowledge to make effectual decisions with their money.
The research, which assessed the monetary awareness of 150,000 people around the world, suggests that an astounding 16.3 million UK workers do not have a robust understanding of what they should do with their money.
To see how your financial knowledge compares to other people in the UK and around the world, take this specially designed Quartz test.
Make the Most of Saving
The infographic below shows the effects from the low interest rates, which have now fallen way below inflation. This has given British savers a tough time in the last few years.
If you just want to make your money go that little bit further, you should compare the current UK savings interest rates with your existing rate.
If you have no savings, then there is no time like the present to begin. Start saving, improve your financial literacy, and prepare yourself for a brighter tomorrow.