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More than 80% of Britons don’t understand their finances

More than 80% of Britons don’t understand their finances

New research has shown that 54 per cent of Britons are currently saving nothing towards their retirement.

The figures come from True Potential LLP’s Tackling the Savings Gap campaign which acts as a barometer for the UK’s attitude towards saving, investments and debt which surveyed over 2,000 UK adults.

The research shows that a 35-year-old who wants to retire at 60 needs to be saving £52 a day to get a pension of £23,457 per year, however savers are only putting aside £9.50 per day on average.

Education about pensions was cited as a major concern with 76 per cent rating their understanding of personal finance as ‘satisfactory’ or worse, while 81 per cent want more financial education to be provided.

True Potential LLP has teamed up with Open University to create a series of free personal finance courses for the general public.

The first course, Managing My Money, has seen over 37,000 registered learners since its launch and the second module, Managing My Investments, opens on 11th May.

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