We have a savings crisis. Most of the talk is of its long-term effects, less than a quarter of Millennials, 40-somethings, on track for a ‘moderate’, at least being able to pay the bills, retirement and less than 10% for a comfortable one, by which read going out for a meal now and then and getting further than Clacton on your hols.
There is, however, a short and medium term problem, too. A majority of us (or, if you’re reading this, probably ‘them’) don’t keep even a month’s worth of spending as a cash reserve, nor or are we/they thinking even a few years ahead. Many, of course, are hand-to-mouth – which should not be a thing in the 5th richest company in the world.
Most, however, just need a plan – and some financial education at a younger age; including my own cobbler’s children. Work to be done by us all in the financial advisory world.
