Spend today culture
Research of 5,000 adults by the Money Advice Service discovered a “spend today” culture in the UK and a lack of financial skills.
Some of the findings were surprising:
- 20% were unable to read a bank statement
- 33% could not calculate the effect that a 2% annual interest rate will have on their savings
- 40% admitted to having less than £500 in savings
The Money Advice Service is going to be working with the UK Financial Capability Board to improve people’s ability to manage money. They will focus on developing their skills and knowledge to manage their personal finances.
At Sackmans we start the Improving the Numbers programme by looking at personal finance and money management. We even touch on the physcology of money.
By using E-Life Planner software we are able to help businesses owners create a personal financial plan. The service starts at just £250 plus VAT.
The software is great but we know that what really makes a difference is the mindset shifts this encourages. As well as doing the plan we introduce you to powerful concepts like “Pay Yourself First” as a way to achieve financial freedom.