Running out of money in retirement, too much debt and managing money day-to-day are the main financial worries for most people.
Nine out of 10 people have real concerns about how long their money will last once they give up work.
And eight out of 10 fear they will never have enough savings to give up work when they reach retirement age.
The figures come from a study by Top Cashback, a money-off voucher web site.
The report also revealed that most people are not only worried about their retirement finances, but also struggle with their day-to-day finances.
Taking control of finances
“Understanding tax, pensions and savings is a daunting prospect for many people who confess they often make the wrong financial decisions because they do not fully understand their options,” said Natasha Rachel Smith, consumer affairs editor for the web site.
“A lot of people told us that they need to take control of their finances to feel more confident about the decisions they make.”
The firm suggests a six-point plan to manage money more effectively:
- Set a strict budget
- Regularly review finances to identify any wasted money
- Look at cutting unnecessary spending and luxuries
- Maintaining a record of actual spending to compare against the budget
- Reconciling bank and credit card statements against spending records
- Devising a savings plan, even if the amount is only a few pounds a month
Help with financial decisions
“The best financial decision anyone can make is taking control of their money and making sure every penny counts,” said Smith.
The web site listed people’s top financial worries:
- Not having enough cash to retire (41%)
- Owing too much money (35%)
- Running out of day-to-day cash (31%)
- Not having any savings to cover emergency spending (30%)
- Not having enough cash to live comfortably (29%)
- Having no spending money (24%)
Other concerns included identity theft (23%), making poor investment choices (12%), missing mortgage or rent payments (16%) and losing cash to a scammer (15%).
“People do not realise they can take action to relieve their worries by reviewing spending, checking their credit rating,” said Smith. “Plenty of help such as apps, calculators and spreadsheets are available online to help people manage their finances.”
