Half of Brits don’t feel in control of their financial future

The Momentum UK Team 24 December 2013

Only 50% of British people feel in control of their financial future, according to a survey by asset manager BlackRock.

- Please note that the infographic to the left was created and is based on a survey conducted by Black Rock. It does not constitute financial advice or personal recommendation.

BlackRock’s Investor Pulse survey was carried out in partnership with research agency Cicero Group, and surveyed 2,000 UK people about their finances.

BlackRock is a global asset management firm and also provides investment management, risk management and advisory services.

There were several other insights that came to light from the study, including the fact that 68% of the participants assets were in cash.

The survey also found that 91% of UK advisors who took part were optimistic for the future of the UK economy.

Tony Stenning, Head of UK Retail at BlackRock said:

“Just two in five Brits (39%) see funding a comfortable retirement as a priority and with less than half of the population actually saving for retirement (47%) people need to start dedicating as much time to overhauling their finances as they do to new diets and exercise.

“In this tough current economic environment it’s a struggle to save, but Brits need to begin 2014 with the resolution to kick start an investment regime. We asked a number of people who have now retired what they would do differently if they could have their younger selves again and they would save as much and as early as they could, think long-term and regularly review their savings. In fact this last point is very important – having a plan makes you twice as confident of your financial future. Becoming more engaged will hopefully mean that future new years are much happier than they otherwise might be.”

Although these results were just for the UK, the full survey covered 12 countries and surveyed 17,600 people.