Financial Planning Week: A Financial Plan is Peace of Mind

Financial Planning is for life – not just for Christmas. A recent survey finds people making financial plans for Christmas but failing to make comprehensive plans for their future.

Taking place from Sunday 24th November, Financial Planning Week is the national campaign organised each year by the Institute of Financial Planning (IFP), its members and supporters to raise awareness amongst the general public of the importance of Financial Planning.

A survey, which was conducted by YouGov for Financial Planning Week in association with Liontrust questioned over 2,000 people aged 18 or over across Britain. It discovered that:

Thinking ahead to spending plans for Christmas this year, 38% of Brits have already worked out what they will be spending and they will definitely stick to it and a further 18% are confident they can afford to spend what they like this Christmas. However, 20% say they have a vague budget in mind but they probably won’t stick to it. 9% have no idea what the cost of Christmas will be for them but said they will worry about it afterwards.

The survey showed an increase in the amount of time people now spend worrying about money with only 2% saying that they never worry about money at all.

With rises in the cost of living outpacing the increases in many people’s income at present, it is clear that times are still tough, despite the recent reports from the Bank of England that the recovery has finally taken hold. 56% of respondents said inflation and rises in the costs of living was a fear for them.

Many households are therefore struggling to make ends meet.  Almost two thirds (63%) of respondents say they are struggling to keep up with bills and credit commitments, including 20% who say it’s a constant struggle. 5% report that they are falling behind with some of their bills and credit commitments and 3% are reporting real financial problems having fallen behind with many bills and commitments.

Financial Planning isn’t just for the wealthy, it’s for everybody. Whilst getting qualified professional Financial Planning advice is the most effective route to take, unfortunately this isn’t always possible. The good news is that through this campaign, we’re highlighting simple steps people can take to manage any debt, build savings and protect their families on the journey.

A financial plan is peace of mind.