Brits oblivious to financial planning until they reach 28

British adults aged 35 and over have, on average, said that 28 was the age that they realised they needed to plan financially for the long term, according to Bright Grey's Financial Safety Net report. 

The study revealed that, when people were asked when they thought about long-term financial provisions such as taking out a pension plan or gaining savings in order to purchase property - the average age was 28 years old. However, some four per cent of respondents only realised they needed long-term financial planning at age 50 or above, while one in twenty (5%) do not believe that they need to plan financially for the long term at all.

Dreams can come true

The study also showed that almost seventeen million adults aged 35 and over believe they have achieved the general dream that they had when aged 20 years old. The most general responses for what those dreams were include getting married, being happy, starting a family, travelling the world and owning a business. For many, earning lots of money was the most important thing to them at 20 years old. Sadly, almost one in four in the 35+ age bracket (24%) believes they will never fulfill their dream from age 20.

Roger Edwards, managing director at Bright Grey, said: "28 is around the age that for many, they may take key lifestyle choices such as buying a first property, getting married or having a child. With these changes can come responsibility, and this means waking up to the very real need to have finances in order. Unfortunately the ‘dream' of getting very rich in later life happens to precious few, and for the rest of us, maintaining a healthy financial lifestyle is critical."