Consumers 'still not planning for the future'

People are still not saving enough for their own futures, despite the shock of a deep six-quarter recession, it has been claimed.

According to Patrick Connolly, head of communications at AWD Chase de Vere, people cannot afford to rely upon the state to provide them an income in retirement.

However, he said many young people are continuing to neglect the importance of saving up for later in life.

Mr Connolly claimed that a lack of awareness and knowledge remains rife among the public regarding personal finance.

"It is an educational thing. Mostly people are just not aware of what is in store for them, particularly when they hit retirement," he stated.

"People should partake in a whole range of investments. They should hold property, cash, shares, as well as fixed interest investments."

According to the Halifax, average household wealth in the UK has increased more than five times in real terms in the past 50 years.

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2010-05-20 13:29:53 © Moneyextra.com