Age is key to financial preparation, says Scottish Widows
www.moneynews.co.uk > General finance > Age is key to financial preparation, says Scottish Widows
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Money News |
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Age is key to financial preparation, says Scottish Widows
Tue 3rd Oct 2006
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Whereas 61 per cent of over-55s thought themselves to be financially prepared for the future, 73 per cent of those aged between 18 and 24 asserted they were wary of their financial future.
Also, 28 per cent of 18 to 24-year-olds said they spend half an hour or less when choosing a bank account compared with just over half (53 per cent) of over-55s who spend over half an hour and some beyond five hours.
The consumer affairs spokesperson at Scottish Widows, George Andrew, relayed: "We all need to be thinking about our financial future no matter what age we are and it is interesting to see that 'the older the wiser' really does seem to apply when it comes to finances."
He added that the results could reflect the rising level of student debt and increasing house prices, meaning that long-term financial planning was not an option in the short term for young people.
Of the 18 to 24-year-old age group questioned, 66 per cent believed their parents to have a greater knowledge of planning financial security.
The survey forms part of a campaign sponsored by Scottish Widows called Preparation Nation. It seeks to put the spotlight on how individuals plan their financial future.
Related News : General finance |
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