Singletons have trouble with savings

Thursday, January 19, 2006

One in ten singletons are "out of control of their finances", according to the latest research.

Independent Financial Adviser Promotion (IFA Promotion) has also revealed that 24 million Britons, equivalent to over half the population, are refusing to cut back on spending to increase retirement savings.

The research is part of IFA Promotion's Get Saving! study, which also offered that 70 per cent of Britons say they could not contribute a penny more to their savings than they currently do.

"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," said David Elms, chief executive of IFA Promotion.

"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."

Marriage could be the answer to increasing savings, according to the research by IFA Promotion. It revealed that 41 per cent of single people have already suffered a financial crisis at some point in their lives, compared to just 28 per cent of married people.

Get some help finding the right savings account here:
http://www.europinions-finance.co.uk/savings/savings/
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