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79% of consumers saving now rather than later

09 September 2009 / by Andy Davies

A new poll suggests that 79 per cent of consumers are seizing the day when it comes to saving, rather than putting it off.

With Financial Planning Week in full swing, a daily poll is being conducted to assess the attitudes of consumers towards financial planning issues.

The latest poll has also revealed that 54 per cent of savers that responded have not set up any financial goals for their savings.

Marlene Shalton, vice president of the Institute for Financial Planning, is reassured that the figures signal a change in people's attitudes to saving since last year.

But she said: "It is important to have a goal - an end in sight. It motivates you to keep saving and...Savers can see something tangible for their money."

Nick Cann, CEO of IFP, although welcoming the findings, backed up Ms Shalton's attitude to savings, he said: "Once again not enough is being done to set out long term goals and this is where professional Financial Planners come to the fore."

Interestingly, the current economic downturn has led to people becoming more interested in understanding money and investment issues with 63 per cent saying that they now take an interest.

However, the research also found that 28 per cent of respondents still use their pay-cheque as an opportunity to splurge rather than save.

Alan Dick, a financial planner at Forty Two Wealth Management LLP, is concerned by this news, he said: "The fact remains that as a nation we don't save enough. The level of household debt is far higher than is viable in the long run as we have been spending instead of saving for almost a generation."

Despite this, 97 per cent of consumers believe that if they were handed a £1,000 cheque to start saving, they would have an idea where to start.

But Mr Dick is not convinced by this statistic, "I suspect the landslide result which suggests that most people would know how to invest for the long term is more a reflection of lack of financial education," before adding, "The evidence of a very large savings gap in the UK suggests that people aren't as financially aware as they might think."

© Fair Investment Company Ltd