1 in 10 'don't understand' how to start saving
Research by Skipton Building Society has found that only one in four (27 per cent) UK adults are currently setting aside money for their retirement, while only one in eight (12 per cent) are saving so that they can purchase a house.
Worryingly, the study also found that one in ten UK adults say they do not save any money because they don’t understand enough about different savings products, with many believing that there is a ‘lack of clarity’ around the various types of savings vehicles.
A deficiency in knowledge when it comes to finance and savings is currently a big issue in the UK; a 2015 study found that 33 per cent of the UK’s adults are regarded as financially illiterate, while 12.67m households are considered as being just three weeks away from financial crisis.
Speaking in the wake of Skipton’s research, Peter French, one of VouchedFor’s top IFAs in Crewe, said: “In my opinion most people are sleepwalking into a financial disaster of apocalyptic proportions. But that’s just me.”
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