1 in 10 'don't understand' how to start saving

Investment / Savings
Early Career
Joe Phelan's picture
Why so many Brits haven't started saving and what to do about it!

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.”

Are you worried that you aren’t stashing away enough for your retirement? Do you have concerns about being able to put down a deposit for a house, or are at a loss as to how to save more efficiently? Why not apply for a FREE Money Makeover worth £200?

To apply simply email editorial@moneywise.co.uk and you could soon be on the path to a more financially fit future!

Moneywise magazine has, since its launch in 1990, informed and educated millions of people about how to make the most of their money. VouchedFor and Moneywise have partnered to give more people the opportunity to get financially fit with the help of a FREE Money Makeover.

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