Brits choose cars over savings

According to the latest research from Standard Life, only 46% of consumers ‘care' about their pension, but over half (54%) ‘care' for their car.  The average cost of a used car sold in March this year was just £5,791, a very small figure when compared to something that could safeguard your financial future.

The lack of interest in financial assets is not just about long term savings products such as pension funds. Over half of the population (53%) said they would need to have more than £10,000 in any type of savings (cash ISA etc.) before they would seek financial advice on how to invest.

Even if someone has spent time setting a pension up and still has a fund in place, almost a quarter (23%) admit that they just don't care about their pension.  Just over one in four (26%) never think about their fund with almost a  third (32%) admitting they do not even know how their pension is invested. One in ten (10%) even said they had not reviewed their fund since they started contributing to it and can't be 100% sure how they are invested.

Reinforcing gender stereotypes, women with the respective items were found to care more for their jewellery (45%) then their pension fund (41%).  Men, with the respective items in contrast, were found to care almost as much for their pension (51%) as they did their car (52%).

Mark Polson, Head of Customer Management at Standard Life said: "Our car and the jewellery we have at home are some of the most important assets we possess. However, these assets are often less valuable than those that aim to secure our financial future.

"By taking an active interest in your finances, such as investing in long term savings products and staying engaged, your money can work harder for your future,  It's time to reality check our attitudes to saving."

To support a generation of under savers, Standard Life has launched a website which includes tips and tools to help plan your financial future: getarealitycheck.co.uk.