A recent survey showed that one-third of Britons are financial fantasists gambling with their security by expecting to earn high salaries in future or expecting to receive a windfall or inheritance. A quarter said that they had no financial worries as they expected to earn more in the future and 5% said they expected to receive a windfall or inheritance with another 5% saying that they expect to always be in a position where they can borrow what they need.

One in six said they do not even think about their finances. The survey also found that 55% of the British people had not made any financial plans for their future and of those that have, 11% said that they were vague, 21% said it was a work in progress and only 11% had a detailed plan. Two in five people who did have plans only planned as far ahead as 5 years. The survey is particularly worrying as there has never been any guarantee that people will earn more as they get older so it is essential to start financial planning and start saving as early as possible and also to protect against unforeseen circumstances such as ill health or injury.