Research from Scottish Widows has revealed some startling statistics about the lack of priority Britons put on savings, with around 19million admitting that savings aren’t high enough on their list of priorities.
17million Britons admitted that they failed to take their own financial wellbeing seriously enough and a further 20% admitted they were in so much debt they didn’t feel financially secure.
Savings Expert from the firm, Iain McGowan admitted, ‘Our financial security and savings are suffering as we struggle to prioritise what really matters when it comes to financial stability. We all know how important it is to save and make time to look after money worries, but a 35% of all of us admit our financial security or savings are not being prioritised nearly enough.’
Of those 19million people who admitted they needed to save more, 60% also revealed they couldn’t afford to save anymore than they were anyway, and a third admitted to just concentrating on short term financial goals for the time being.
Interestingly life admin was also neglected, with less than 2 hours a day spent on tasks including budgeting, organising finances and sorting out household bills.
When asked what people would do with an extra day a year to carry out life admin, 17% said they would sort out their finances, 14% said they would create a realistic budget and 21% said they would shop around to make sure their bills were as low as possible.