Young people in the UK 'too busy for financial planning'

By Tom Farley, Mon 16 Jun 2008 - Published in Pensions

Many young Brits claim they are too busy to sort out their finances a new report has revealed.

Research by American Express has found that nearly a third of young people in the UK said they did not have time to check their bank statements.

The same amount again stated they did not have enough spare time to research pension schemes or make plans for their financial future.

More than nine out of ten young people put this lack of financial planning down to work commitments and long hours.

Chris Holland from American Express sad: "Young working Brits have a lot of pressure and face a lot of choices in today's busy working life. The more choices they have, the less time they end up having."

However, despite time pressures, the survey revealed that young people were unlikely to put off renewing or updating their insurance cover, with only 11 per cent admitting they had neglected to keep this up-to-date.

Meanwhile, a recent survey by the financial services company Edward Jones revealed that rises in food and energy prices mean people are saving less for retirement.

News Categories

News Archive

News: Young people in the UK 'too busy for financial planning'