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Time to cast off pensions doom & gloom too

It's been a few days of doom and gloom for millions of Briton's. Faced with the prospect of a £27 billion pensions gap, working longer or saving more for their retirement, the future could be seen to be bleak.

But this isn't necessarily the case if more Briton's took control of managing their finances.

Research from Birmingham Midshires 'Saving Britain' campaign, a quarterly consumer awareness campaign analysing savings habits and attitudes to money in the UK, reveals that only one in five admit they have the 'know-how' to manage their money.

Even fewer (4%) reveal that they would consult a financial adviser with help for their finances, increasing fears that Briton's are losing money each month and are missing a chance to make their cash work harder for them.

Tim Hague, head of savings marketing for Birmingham Midshires said: "These figures suggest that all is not lost in saving for a more secure financial future.”

“With the current pension's crisis on the front page of every newspaper, it's time for people to take stock of their current saving and spending habits, spotting what's essential and what is not, and start planning the best, long term use of their money."

Worryingly, Saving Britain also reveals the majority of Briton's (22%) only start making additional savings for their retirement at the age of 45 years old, when plans could be made much earlier on.

"There are a wealth of savings schemes that can be started early on, and can be tailored to suit all incomes," adds Tim.

"With the New Year just days away, what a great time for Briton's to start their savings plans with a fresh focus."