Best savings rates: Good financial advice 'essential'

The high number of people without a savings account has emphasised the importance of receiving good financial advice, it has been claimed.
 
New figures published by NS&I have shown that one in ten Brits aged between 16 and 34 have admitted that they have no savings in place.
 
It found that a third of people see their grandparents as money management role models but fewer than ten per cent have actually followed the advice given by these relatives.
 
One in three aged 65 or over also mistakenly believe that younger people do not want their advice on issues involving finances, such as finding the best savings rates.
 
John Prout, a savings spokesperson at the firm, claimed that there is a lack of communication between the generations.
 
He said: "When it comes to discussing money management, we feel it's important people share their experiences and we are encouraging all generations to talk openly about finances and help each other plan for the future."
 
Informed Choice chartered financial planner Martin Bamford recently claimed that young people experience the most money pressure, finding it hardest to build up reserves with the best savings rates.

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2011-09-05 11:55:12 © Moneyextra.com