Britons delay financial planning

11 September 2009 04:01pm

A third of Britons are putting planning for the future on hold as they focus on getting through the recession, a survey has revealed.

Around 31% of people are neglecting long-term financial planning in order to survive the economic downturn, according to charity Cancer Research UK.

Among those who are failing to plan for the future, 40% said they would prefer to have the additional money in their pocket now, while things are tight, while 23% said they would consider their long-term financial situation once the economy had recovered.

The group, which carried out the research with independent financial adviser Origen, said a further 21% of people claimed they would make up any shortfall in savings or pensions when they were more financially secure.

Rob Tinsley, head of retirement services at Origen, said: "It's no surprise that people are concerned about money during these difficult times and, while it's sensible to make cutbacks to spare up extra cash now, there are some things that shouldn't be scrimped on.

"It's always important to keep one eye on future, especially as nobody knows how long the recession will last."

Around 94% of people said the recession had affected their day-to-day spending, with 64% of these saying they had started to buy supermarket own-brands to try to save money, while 46% are shopping at cheaper retailers and 54% are eating out less.

© The Press Association