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Brits Living In Financial Dream World

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Brits living in financial dream world

Friday, 15 Jun 2007 08:57

Millions of Britons are living in a financial dream world, where they spend now in the hope that they will come into money later.

And this fantasy of money to come is offering comfort to some 33 per cent of UK residents, leaving them worryingly exposed, a new survey by National Savings & Investments (NS&I) shows.

"It's a real concern that such a high percentage of people haven't made a financial plan for their future, and even more worrying that a significant number are basing their financial security on their future earnings potential," said Dax Harkins, senior savings strategist at NS&I.

"There's never any guarantee that people will earn more as they get older so it's really important that people start their financial planning and start saving as early as possible."

Some 24 per cent of Britons - almost one person in four - do not worry about their current financial situation because they expect to earn more money in the future. Another five per cent are unconcerned because they think they will be able to borrow the money they might need, while four per cent think they are going to be handed large amounts of cash through inheritance or another windfall.

A further one person in six (15 per cent) buries their head in the sand and refuses to think about their finances at all.

All of this means the majority of Britons (55 per cent) have no financial plan for their future, with another one in nine (11 per cent) only having a vague idea and 21 per cent having a financial plan that is "a work in progress".

Even those Britons that are saving are kidding themselves.

The NS&I report shows one person in eight thinks they are financially secure despite having less than £5,000 put away for the future.

"A number of people in Britain who have relatively small amounts of money in savings think they are comfortably well off, but these people may need to consider whether this amount of money would be sufficient for them to cope in the event of a financial emergency," Mr Harkins said.

"In some cases, these people may find that they do not actually have enough money to keep them afloat should something serious happen."

"come into money later" ... that'll be the profit from those ever increasing house prices then! :lol::P

Edited due to typo!

Edited by TwentyOneEleven

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