UK urged to focus on savings
19/07/2006
UK consumers "need to place clearing debt and saving much closer to the top of their list of financial priorities", according to an IFA Promotion (IFAP) boss.
David Elms, chief executive of the company which promotes the benefits of independent financial advice, added that there was "still a far smaller proportion" of the UK who are focusing on their savings.
Mr Elms was talking following the release of new company figures that show Britons are more likely to spend pay-rises than clear their debts or invest for the future.
The research shows that more people would choose to go on holiday, improve their home or buy new clothes over increasing their savings.
Mr Elms says: "Despite well-documented and countless warnings that as a nation, we are not saving enough, it seems that people are yet to adopt a sensible savings mantra.
"And whilst the research is based on a hypothetical situation, it serves to highlight a very real problem in that people are too reluctant to forgo their spending to secure a comfortable financial future."
Research from Capital One Homeowner Loans last month suggests that people in the UK are set to spend an accumulative £116.9 billion on their homes over the next year.
However, they are seeing this expenditure as an investment for the future, with the hope that renovation will add value to their property.
David Elms, chief executive of the company which promotes the benefits of independent financial advice, added that there was "still a far smaller proportion" of the UK who are focusing on their savings.
Mr Elms was talking following the release of new company figures that show Britons are more likely to spend pay-rises than clear their debts or invest for the future.
The research shows that more people would choose to go on holiday, improve their home or buy new clothes over increasing their savings.
Mr Elms says: "Despite well-documented and countless warnings that as a nation, we are not saving enough, it seems that people are yet to adopt a sensible savings mantra.
"And whilst the research is based on a hypothetical situation, it serves to highlight a very real problem in that people are too reluctant to forgo their spending to secure a comfortable financial future."
Research from Capital One Homeowner Loans last month suggests that people in the UK are set to spend an accumulative £116.9 billion on their homes over the next year.
However, they are seeing this expenditure as an investment for the future, with the hope that renovation will add value to their property.
