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Could financial planning help you to save?

By Daniel Culpan

24 April2021

Financial planning People in the UK who spend more time worrying about their finances than planning for them are saving significantly less than those with better money management skills, research from NS&I has found.

According to the NS&I Savings Survey, financial 'worriers' put an average of just 53.47 a month into a savings pot, while financial 'planners' set aside almost double that amount: 104.39. So over the course of 12 months, these planners are putting away 600 more in additional savings - which is more than enough to pay the average six-monthly gas & electricity bill.

The research revealed that, currently, 41% of Britons who worry about their money at least once a year spend more time fretting about their finances than planning for them, while 10% of daily financial worriers check their finances only once a month. Furthermore, a quarter of people interviewed said they feel guilty when their lack of financial planning leads to them overspending.

Yet many people are taking steps to manage their money well. 17% of people surveyed keep a daily diary of their outgoings and 16% withdraw a set amount of money each week from their bank account.

A spokesperson for Think Money commented: "Planning ahead financially can go a long way to improving your financial security, and helping you steer clear of debt and other money problems. Putting some spare cash aside each month wherever possible can provide a useful financial safety net for any unexpected costs you may face."

Image iStockPhotos / George Pchemyan

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Tags: debt, savings, bank account, budgeting, financial planning, money management, money

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