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Research shows that more than half (59%) of people don’t have a financial plan in place.
People were asked whether they had any financial plans for the future, such as active plans to increase their savings or pension or buy a home.
According to a survey commissioned by Wealth, around two-fifths (41%) of people say they have a financial plan, with people under the age of 34 (61%) more likely to do so than those over 55 (27%). are also more than twice as likely to have a plan. Manager of St. James Place.
Almost two-thirds (65%) of people with a financial plan say their overall wealth has increased over the past 10 years, compared to 38% of those without a plan.
The majority (67%) of financial planners said they had received financial advice.
The survey found that 25% of people haven’t reviewed their spending in the past six months, while three in 10 (31%) haven’t checked recently to see if they can increase their savings rate. did.
The same proportion (31%) had not investigated whether they could get a better deal on household bills such as broadband, gas or electricity.
More than half (57%) of those who saw an increase in their savings rate felt a positive impact, as did 50% of those who saw whether they were able to save on household expenses.
Almost half (47%) of those who reviewed their spending reported a positive impact.
Alexandra Roydon, Director of Engagement and Consultancy at St James’s Place, said: ‘Unfortunately, 2024 is expected to remain challenging and this is worrying given the impact last year has already had on people’s finances. It’s the right thing to do.”
“When so many factors are outside of our control, it’s even more important to control what we can influence.”
The research study was carried out by Opinium in October and surveyed 6,000 people across the UK.
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