He explained that in other important financial areas most people engage an expert, such as a lawyer or accountant, to take on those tasks they deem too complex to do themselves.
“It's worrying that people don’t attach the same importance to planning their financial future,” Waterhouse added.
“We want everyone to be aware of the importance of having a good financial plan in place, and to understand that being in control of your finances can reduce stress.”
Financial priorities
Elsewhere, in the report, the majority (89 per cent) of UK adults said that sorting out their finances was a priority.
However, the reasons behind people prioritising their finances varied significantly.
The research found that a higher emphasis is placed on shorter term goals, with 43 per cent opting to build an emergency savings pot as the main financial goal.
This was followed by 39 per cent whose main goal was to pay off their mortgage and 38 per cent who wanted to become debt free.
Just over a quarter (28 per cent) said they wanted to increase retirement contributions, while 19 per cent said they wanted to build a nest egg for their children or grandchildren.
Only 15 per cent of those surveyed said that making a will was a top financial priority for them.
sonia.rach@ft.com
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