Saving for future 'crucial'

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Saving for future 'crucial'

Britons may not be saving as prudently as they ought to, a new survey suggests.

According to the National Savings and Investments (NS&I) survey published today, a third of Britons are looking to salary increases or an inheritance to finance their futures rather than saving diligently.

The quarterly savings survey has also found that some 55 per cent of consumers say they have made no financial plans for the future.

Women are believed to be taking greater financial risks, according to the survey, with some 61 per cent saying they have no financial arrangements for the future, compared to half of men.

The need for financial planning for many only becomes a priority during middle age, with the survey showing that 54 per cent of 45 to 54-year-olds saying they do not have a plan.

Dax Harkins, senior savings strategist at NS&I, described the findings from the survey as a "real concern".

He added: "There's never any guarantee that people will earn more as they get older so it's really important that people start their financial planning and start saving as early as possible."

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