Britain Needs £300bn To Retire

New financial reports released by the Institute of Financial Planning and the NS&I recently have shown that Britain’s savings accounts are missing £300bn that will need to be found somewhere if Britons want to retire on the recommended 70% of their salaries.

The reports say that confusing and inflexible financial products are to blame, more than 2000 UK adults were included in the survey and it was found that most consumers would be more likely to save more (or at all) if products were more flexible and easier to understand.

A quite shocking 87% of those surveyed cited this as either a strong factor or the main reason behind a lack of any savings.This combined with 60% who admitted they were worried about their finances shows that something has to be done to educate or make it easier for people to get financial planning help.

You may remember the report a few weeks back that showed how people were quite reluctant to switch bank accounts, this shows a worrying trend that people are trying to keep on top of their finances but due to lack of understanding a very small percentage actually do anything about it.

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