People ‘not looking after their future finances’

Individuals may be placing themselves at risk of future debt by not preparing efficiently for the future.

Patrick Connolly, head of communications at AWD Chase de Vere, has warned that people are not saving enough money to look after themselves years down the line.

The industry expert explained that Britons can no longer depend on or fall back on the state to protect their future finances.

He remarked: “People have to rely on themselves. Yet too many people are simply not doing so.”

This is mainly because Brits lack the awareness and knowledge to understand the effects their monetary decisions will have on their finances in years to come, especially in retirement, he stated.

Mr Connolly advised people to take part in a number of investments, including property and shares.

This warning comes despite a recent press release from The Halifax that showed total household wealth has increased more than five times in real terms in the last half-century.

By Joe Shervin