How savvy are you with your money and your finances, have you a little jar that you put pound coins in or have you set up a savings account for that rainy day?
According to a recent survey carried out by Money Advice Service, 203 Million of the UK Population don’t feel confident in managing money and over 54% have not prepared for their future.
115 Million have less than £100 in savings and 9 Million of us are in serious debt and only 1/3 receive help.
117 Million often use a credit card, overdraft facility or borrow money to buy food and pay bills.
47% of the population do not feel confident making decisions about financial products and services.
27% of working age adults are overconfident in their ability to use numbers in everyday life.
63% of the population do not feel they can determine what happens in their lives when it comes to money.
49% of the population could last 3 months or more without borrowing if they lose their main source of income.
53% of the population have planned for financial goals for the next 5 years.
59% of working age adults have not asked for financial help or support
43% of adults over 65+ have not planned nor discussed with their family members about how they would manage their finances if they needed to go into long term residential care.
55% of adults 40+ do not understand enough about saving for retirement.
38% of adults over the age of 65+ have used the internet for online or mobile banking.
59% of the population have no clue about financial organisations and websites that offer free help and support for financial problems.
Perhaps, now is the time that we all sit down and really look at our spending and how we can save for that rainy day.