Jan 10 2007
UK consumers have been advised to spend more time reviewing their finances and to think in the long term to reduce their debt and increase savings.
Research from financial services provider Axa found that Britons saved an average of £1,003 in 2006, with 61 per cent saving less than half this amount.
The study also revealed that professional advice can increase Britons savings to up to £6,000 a year.
Saran Allott-Davey, an independent adviser involved in the research, recommends that consumers think in the long term and seek financial advice if they are concerned about falling short in their plans to save for retirement.
Steve Folkard of Axa said: "There is a direct correlation between the amount of time people spend on their finances and how much they save.
"It's not until people spend around an hour a month on planning and reviewing their money issues that they really see their savings pot grow."
He added that the company was of the belief that the financial health of the UK could be drastically improved if individuals spent 15 minutes a week reviewing their finances.
Norwich Union this week announced the launch of a "pensions calculator" to help consumers manage their finances and plan their retirement.
