intelligence PROFESSIONAL EXPERTISE
Life goals hit by shortfall in savings J
ust over two in five (43%) of adults in the South West say a lack of savings prevents
The opening of the new branch in Tewkesbury, Gloustershire
P2P lender opens in Gloucestershire
Folk2Folk, one of the UK’s fastest growing peer-to-peer business lenders, has opened a new branch in Tewkesbury. The South West-based business chose Gloucestershire as its first strategic region as part of a national expansion plan. The branch will encourage local businesses from across the region to come in to discuss their business finance requirements and, for those looking to invest, a chance to learn face-to-face more about the returns on offer through Folk2Folk’s investment loans. Jane Dumeresque, Folk2Folk CEO said: “We are delighted to become part of the local business community in Tewkesbury and Gloucestershire. Our mission is to help local businesses get access to the finance they need to grow by matching them to local investors in a quick, simple and easy process. “By establishing a local presence, we can encourage the local community to invest through Folk2Folk to help local business owners prosper and thrive. We believe it’s always more interesting and reassuring when an investor can see what exciting project their money is supporting.”
them achieving life goals, new research from Zurich UK has found. The study, which aims to highlight the savings gap in the UK, found that almost three-quarters (71%) of those under 65 in the South West said they have goals they want to achieve when aged 65 or over, such as travelling, hobbies or being able to support children or grandchildren. Yet 59% believe a savings shortfall will prevent them from realising this. Given the latest UK household savings ratio is also at 5.9%, only slightly up on the all- time low of 4.6%, this also demonstrates that lack of savings is an overall block. Despite recognition of the importance of saving in achieving aspirations, people under the age of 65 are not actively saving for when they are 65 and over. Just under a third of those who are yet to retire do not have either a private or workplace pension while
‘More has to be done to inspire
people to take
action and start saving’
such as reviewing everyday spending to
realise a saving that can be
used to increase monthly pension contributions will have a huge impact over the long term, as will taking full advantage of support within the workplace and contributions from employers. “In a low interest rate
environment, a professional adviser can also help to create a plan and make the most of savings. The earlier action is taken, the more likely it is that your savings will be sufficient to realise your aspirations.”
FINANCE
just over one in 10 of all adults in the South West of England have no savings or investments. While 60% of those pre- retirement hold private or workplace pensions, of those just over one in ten said they felt confident they knew how much they should be saving into their pension to afford the standard of living they expect from their retirement. Anne Torry, Head of Zurich UK Life, said: “More has to be done to inspire people to take action and start saving. Small steps
26 insight JANUARY/FEBRUARY 2017
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