National Savings & Investments (NS&I), one of the largest savings organisations in Britain, found some startling statistics about the costs of later living such as long term care and illnesses. From around one third of Britons say they expect that they will care for relatives in their family financially.
It seems like many Britons are putting off thinking about their personal finances when they are older. Around 27% of Britons who responded said that they are not thinking about personal finances for later life. Financial planning has taken a back seat for the long term as around 19% are looking at their money from a short term perspective.
Why is this happening?
We think that the financial crisis has forced people to look at their money in a short term way. Even though the crisis has ended, the aftershocks of the crisis are still being felt by many people. If you are someone is thinking of planning for your later life, you are making the right decision here. You need to have a long term view for your health because as you get older, you become more susceptible to get diseases. Health is wealth and ultimately you need to protect your health at all costs.
Around 43% of people surveyed in the NS&I survey said that they do not know how to finance their later life costs. This is why focusing on saving and creating new income streams is really important for your future. This is something that you should consider; over 20% of the survey respondents said they know they will have to make financial sacrifices so that they can care for other people. In light of these trends, savings becomes one of the most important tools you can use to build a strong financial future for yourself.