People need to 'focus their financial priorities'

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People need to 'focus their financial priorities'

Thu 1st Dec 2011

People should focus on providing for the future as well as the present, it has been claimed.

Phil Perry, advisor and director at Ark Financial Planning, said individuals across the UK must look to prioritise their spending in the current economic climate, with preparing for the uncertainty of the future high on the list of things to do.

He commented: "We still see those people that are perhaps living in a council property, that haven't got money to spend on life insurance and the important things to protect the family."

However, Mr Perry claimed they still have the 50-inch plasma TV on the wall, but do not have a sofa and instead sit on beanbags - highlighting the strange priorities which some people have.

According to Martin Bamford, managing director and chartered financial Planner at Informed Choice, for many Brits, being unaware of their financial problems is a form of voluntary ignorance which people inflict upon themselves in order to shy away from dealing with their finance issues, but this can result in serious difficulties in the future.

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