- Thursday, 20 May 2010Consumers need to be educated about their personal finances in order to safeguard their futures claims an expert.
Patrick Connolly, head of communications at AWD Chase De Vere, a financial advisory firm, believes most people do not know enough about personal finances and are not saving enough for retirement.
He believes that consumers should undertake more than one form of investment - such as holding property and cash - to ensure they won't face financial hardship when they retire.
Mr Connolly said: "It is an educational thing. Mostly people are just not aware of what is in store for them, particularly when they hit retirement. Moreover there is a lack of trust of the financial services and pensions industry – people don't know what to do or where to go for help."
He added that consumers need to rely on themselves for their financial security because it is not possible to fall back on the state.
Martin Lewis from moneysavingexpert.com also believes that consumers need to be educated in money matters. He is campigning for the government to introduce financial education onto the national curriculum in order to avoid children needing
debt management plans when they are older.
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