One in three don't plan financially
Published On 10 January 2007
Around one in three adults (12.4 million people) refuse to spend the time to plan ahead financially, according to a new survey. Research from AXA found that those who do take the time to plan their finances spend an average of just five minutes a week doing so.
However, AXA estimates that by increasing the time consumers spend on their financial planning to around 15 minutes, they can save thousands of pounds in reduced debt and increase their savings potential.
And with professional advice, the survey found you can reduce your personal debt by almost 25 per cent and increase savings by 40 per cent in 12 months.
Saran Allot-Davey, AXA spokesperson, offered some advice on financial planning tips. She suggested finding a financial buddy to bounce money matters off, consolidating any debts, thinking in the long-term and taking control of all aspects of your personal finances.
She added: "The single most useful lesson for the majority of the active group was to set up a detailed list of their income and expenditure.
"In most instances this was extremely revealing and allowed them to gain an understanding of their cash flow problems and financial situation.
"In many instances this was the catalyst for them to start to improve their situation – for such an easy task, it can be incredibly helpful."
