Sep 23 2008
The financial concerns being caused by the credit crunch are encouraging consumers in the UK to plan more for the future, it has been suggested.
According to the Co-operative, 74 per cent of people questioned stated that the current financial instability has made them more careful about how they spend money and more likely to plan for events, such as retirement.
In addition, it was found that the funeral planning market is expanding by £150 million per year, with 36.7 per cent of the over 60s having considered planning for their funeral, many of whom citing peace of mind as their main reason for doing so.
"The survey results reflect the situation being experienced by the Co-operative Funeralcare, that more and more people are choosing to plan their funeral in advance, following steady growth in this market sector," stated Ian Mackie, managing director of funeral planning for the Co-operative Funeralcare.
However, a survey conducted recently for MGM Advantage found that practical concerns are not the only considerations of people saving for retirement, with 42 per cent of respondents citing travel among the things they will spend their savings on after giving up work.
