Consumers looking to avoid financial difficulties such as debt problems should save money for the future, it has been claimed.
According to Alison Morris, head of commercial management at Scottish Widows, people should put aside 12 per cent of their income for this purpose.
She stated: “It might seem like a lot now, but it will be worth it in the long run. If you follow this rule your concerns over retirement savings will start to reduce.”
Ms Morris made her comments in the wake of new figures produced by Scottish Widows, which showed that 37 per cent of consumers polled were negative about their short-term financial situation, while 36 per cent were negative about their long-term financial outlook.
The expert added that nobody wants to “live in fear” about their cash flow so it is advisable to begin saving for a rainy day as soon as possible.
A poll recently conducted by YouGov for Financial Planning Week 2009 found that 41 per cent of people questioned recognised the need to save more money.
