Scottish Widows urges savers to face up to their finances

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Scottish Widows urges savers to face up to their finances

Savers need to deal with their finances to ensure that they build up enough money for their retirement, even if monetary concerns are playing on many people's minds, a Scottish Widows representative has suggested.

Everybody is trying to prioritise what they do with their money to be certain that they feel secure, but many people do not appear to be saving enough, according to savings expert at the firm Alison Morris.

She urged individuals to begin putting aside a small proportion of their monthly salary and building up to 12 per cent, as this will allow them to have enough for a comfortable retirement and a real financial cushion for the future.

"It's also extremely worrying that so many people bury their heads in the sand. By planning their finances carefully now, they could avoid a lot of this worry," added Ms Morris.

This month, Scottish Widows launch mymoneyworks, which is an online financial education tool that can be used to combine workplace benefits with personal finances.

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