Friday 15th June 2007
Britons should resist the urge to become a financial fantasist and turn to their savings account instead, an expert advises.
Dax Harkins, senior savings strategist at National Savings & Investments, warns that many consumers are risking their financial stability by basing their future plans on pay rises which may not materialise.
Instead, he proposes that beginning to pay into a savings account at an early stage could create a long-term financial contingency plan in case of future hardship.
"Theres never any guarantee that people will earn more as they get older so its really important that people start their financial planning and start saving as early as possible," states Mr Harkins.
Earlier this week, the Council of Mortgage Lenders urged homeowners to plan ahead as two million fixed-rate mortgage deals are expected to come to an end in the next 18 months.
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