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Savers pin hopes on lottery, rather than advice

Savers pin hopes on lottery, rather than advice

Category: Savings

Updated: 07/09/2009
First Published: 08/09/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Britons are more likely to pin their financial hopes on winning the lottery than seek out the advice of a professional, despite widespread concerns over savings.

Less than a quarter of savers are putting away as much as they think they need every month, a survey by YouGov commissioned for Financial Planning Week 2009 has found. Just 23 per cent of Britons believe they are saving enough or more than enough for the future.

Almost four in ten (39 per cent) admitted to not saving enough, while 22 per cent put away nothing. A further 15 per cent said they were unsure whether they were putting away sufficient funds.

Just one in five people said they were currently happy with their financial position.

Despite this worrying trend, just one in 20 people said they planned to get professional advice in a bid to sort out their financial situation.

In fact, Britons are more than five times more likely to pin their future hopes on a lottery win than seek out professional advice. More than one in four said they felt hitting the jackpot represented their biggest hope of getting their financial situation in order.

Nick Cann, chief executive of the Institute of Financial Planning said: "The results of our 2009 survey reflect the fact that many continue to bury their head in the sand by ignoring financial problems in the hope that they go away.

"Only one in five are currently happy with their financial position, suggesting 80 per cent of the population should be looking for help, but either decide to do nothing about it or rely on a lottery win, which is unlikely in the extreme."

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