Study reveals poor plans for future

According to Fidelity International, a fifth of people never check how their long-term retirement plans are doing, meaning that many could be surprised to suffer debt even if they think they are prepared.

“The problem is not that people are lazy or that reviewing asset allocation is difficult – our research shows that 68 per cent of those surveyed thought it was relatively easy to review and keep track of their savings,” said Simon Fraser, president of institutional business at Fidelity International, stating that many did not know what to do even if they kept track of savings.

Workers are being urged to have proper savings and consider a debt management plan to help them plan for when they retire.

However, as this survey shows, planning for the future to keep out of debt requires active management and continuous updating.

Mr Fraser added that the importance of asset management “cannot be underestimated” and called for more education of consumers as to the importance of savings and managing them.