Learning how best to manage finances is something many people believe they are adept at. However, research consistently shows that many millions of UK adults are putting their financial future at risk by failing to save adequately, or by refraining from making stable investments.
The primary problem is that many individuals are entirely unaware of their monetary deficiencies. However, by taking the time to assess one’s awareness, and subsequently filling in those knowledge gaps, millions of people could find themselves better off in the short- and long-term.
According to research carried out by Standard and Poor’s, the UK is the sixth most literate country in the world when it comes to understanding finance. However, while that sounds relatively positive, the associated figures are actually quite damning.
The study concluded that 33% of UK adults do not have a robust grasp of how to manage their money. That equates to a quite staggering 16.3 million people, which means around one third of adults within the UK do not understand basic financial concepts, and are therefore putting their own futures at risk.
Do you fully understand how best to manage your money? Do you know what interest rates are or what a workplace pension is? Do you have an ISA that works hard for your money, or are you doing the equivalent of throwing away money by being with the wrong bank?
Even if you think you are a financial whizz, it’s worth taking a quick test just to assess your knowledge and understanding. Luckily, the good people at Quartz have created such a quiz, which you can take by clicking this link.
Make Your Cash go Further
Even if you understand money and believe you’re investing and saving wisely, there’s always more that can be done to boost your fiscal standing by working closely with a financial adviser.
That’s where we come in.
At Burton and Fisher, we are experts at helping people save more, invest better, and retire more comfortably. There are many financial pitfalls that people can fall in if they are not careful, but our advisers can help you spot those hazards well in advance of them arising, and subsequently avoid them.
We look forward to hearing from you.