19/01/2006
Finances of single people 'out of control'
One in ten single people in the UK are not in control of their finances, a new survey has revealed.
The survey, conducted by IFA Promotion, found that nearly a quarter of UK singletons did not think about their impact their current financial situation would have on their future lifestyle.
The survey also found that 41% of single people said that they had already suffered a financial crisis at some point in their life, compared to 28% of married people.
Nearly three-quarters of 25-34-year-olds admitted that they did not know what their financial situation was.
However, in spite of a widely reported UK savings gap and the possibility of a rise in the state retirement age, the survey found that over half of UK adults are not prepared to reduce their spending in order to save for retirement, while 70% claim that they cannot save anymore than they already do.
In the 16-34-year-old age group, nearly a quarter of respondents said that they weren't saving enough because they were enjoying spending their money, while 38% said that they were paying off debts.
However, a quarter of this age group said they planned to start saving within the next year.
The survey, which questioned 2,000 people, found that buying a property was an "important trigger" for people to sort out their finances, with three times as many renters feeling out of control of their finances as those with a mortgage.
However, the average age for getting first marriages and buying a home are rising - to 28 for women and 30 for men and 34, respectively.
David Elms, Chief Executive of IFA Promotion, said: "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.
"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.
"The only sure-fire way to solve this dilemma is to take some responsibility for your long-term finances now and get saving."
(KMcA)
The survey, conducted by IFA Promotion, found that nearly a quarter of UK singletons did not think about their impact their current financial situation would have on their future lifestyle.
The survey also found that 41% of single people said that they had already suffered a financial crisis at some point in their life, compared to 28% of married people.
Nearly three-quarters of 25-34-year-olds admitted that they did not know what their financial situation was.
However, in spite of a widely reported UK savings gap and the possibility of a rise in the state retirement age, the survey found that over half of UK adults are not prepared to reduce their spending in order to save for retirement, while 70% claim that they cannot save anymore than they already do.
In the 16-34-year-old age group, nearly a quarter of respondents said that they weren't saving enough because they were enjoying spending their money, while 38% said that they were paying off debts.
However, a quarter of this age group said they planned to start saving within the next year.
The survey, which questioned 2,000 people, found that buying a property was an "important trigger" for people to sort out their finances, with three times as many renters feeling out of control of their finances as those with a mortgage.
However, the average age for getting first marriages and buying a home are rising - to 28 for women and 30 for men and 34, respectively.
David Elms, Chief Executive of IFA Promotion, said: "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.
"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.
"The only sure-fire way to solve this dilemma is to take some responsibility for your long-term finances now and get saving."
(KMcA)
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York Hospitals NHS Trust has announced that it will cut around 200 jobs in an attempt to save money. Restrictions in filling vacant posts means that only around half of the 400 posts which usually become vacant each year will be filled this year. The trust said that posts which were essential to maintaining safe and effective care would be filled.
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Paperless NHS 'Could Save Billions'
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Pensioners need help with finances, says Age Concern
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Pensioners need help with finances, says Age Concern
Millions of pensioners live on less cash than they should because they pay too much tax or miss out on benefits, a leading charity has claimed. Age Concern issued its warning came on the launch of its Concern Week which has been designed to help older people make the most of their money.
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
