Barclays: People need to plan financial futures

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Barclays: People need to plan financial futures

People need to spend more time planning their financial futures, Barclays has warned, following new research that shows not enough of us are thinking about the issue.

According to the research, conducted by Barclays ahead of the new regulations on depolarisation in the financial advice industry, 39 per cent of us spend no time at all planning our financial futures.

A further 38 per cent of us spend just 15 hours a year or less considering our finances for the years ahead.

Barclays also found that nearly one fifth (18 per cent) of people ask their family and friends for financial advice, just less than the amount of people who actually go to a financial adviser at 25 per cent.

Those of us who do seek financial advice are likely to do so because of a significant life event, such as having children, moving home, getting divorced, receiving an inheritance or getting a pay rise.

Ray Greenshields, managing director of Barclays UK private client businesses, said it was "worrying" that so many of us do not spend time planning for our futures.

"Depolarisation means little to the average consumer, but the financial advice industry needs to take the opportunity that the latest changes in regulation provide to give customers more choice, more access and more transparency in order to encourage better money management and long-term savings," he urged.

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