Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 18th of October 2018
December 30, 2008

Britons see pensions as priority in financial planning

by Gill Montia

Story link: Britons see pensions as priority in financial planning

Halifax has been questioning consumers about their need for financial advice and while 51% of respondents said they thought seeing a personal financial adviser would be of benefit, only 16% have been in contact with one over the past 12 months.

Fifty-three per cent of people questioned relied on friends and family for advice rather than visiting their bank or a financial adviser.

However, the majority of respondents believe it is good to obtain professional advice early, with 54% advocating such advice is most beneficial between the ages of 20 and 30.

For those who do make an appointment with a professional, 40% believe their pension needs should take priority in any financial planning.

Over half of those surveyed were not currently paying into a pension, while 85% overestimated their achievable desired retirement income.

For anyone planning to focus on money matters in the New Year, Halifax recommends reviewing current account, mortgage and credit card deals to ensure they are the best available.

The lender also suggests setting up a standing order as an easy means of establishing a saving habit and overpaying on a mortgage where possible.

Even if the overpayment is small, the benefit in terms of shortening the loan period and saving money can be considerable.

 

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