While over a quarter (27%) of those surveyed admit to feeling under prepared for a financial emergency, a worryingly large number (36%) said that they wouldn’t be able to handle a major unexpected financial emergency such as paying for a new boiler or an unforeseen dental bill.
Figures show that poor financial management is having an impact on people’s ability to make choices that allow them to live life to the full, with three in ten (30%) unable to enjoy life because of the way they are managing their money. Two in five (41%) of those surveyed said that they are concerned that the money they have now or save won’t last, impacting their ability to respond to future financial unpredictability.
Kate Smith, Head of Pensions at Aegon, comments: “Our research paints a worrying picture of the UK’s financial health and individual’s ability to manage their money. Good financial management sits hand in hand with positive financial wellbeing and it is concerning to see that so many people are unable to live life to its fullest as a result of how they are managing their money.
“There’s certainly a role for individuals when it comes to budgeting and saving for a rainy day but I believe that employers can be doing more to support their staff with their finances. This includes offering better and more frequent financial education in the workplace, improving understanding about managing money and contributing more to employee pensions. With the right tools and support, people can plan their financial future with confidence, paving the way for increased financial wellbeing.”
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