Majority are currently reassessing their buying behaviour

A survey on people’s financial planning needs has found that nine out of ten people are worried they will not have enough money in their pension fund when they retire. However the survey also found that two thirds do not believe that they left it too late to start their pension.

Financial planning is important to most people with more than three quarters saying they have considered where they want to be financially in ten years time. However nine out of ten said that they are currently reassessing their buying behaviour as a result of rising inflation costs. Of most concern to people are rising food costs (22%), followed by energy costs (21%) and transport costs (20%). Other worries include housing and health insurance.

The survey from Cork based financial services firm, Provest found that just over half of people surveyed in Ireland do not have a savings fund set up for their children. When asked if they thought they had saved up enough for unexpected items like a broken freezer, more than half of people said they believed they have.

UNEXPECTED EXPENSES

A third of people surveyed said that if they were made redundant they would have enough savings to cover them for three months. However just under a third said that they would only have enough saved to last them for one month in that situation.

Big unexpected financial expenses such as a broken boiler or major car expenses are a worry for most people, with three-quarters of people surveyed saying this is a worry for them.

Just over half said that they do believe they are taking advantage of tax reliefs when it comes to their pension, but more than two thirds said they find tax reliefs confusing. Half of people also said they would not feel comfortable having a savings account with their partner.