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22^nd May 2006

·        Fewer than one in five would rely on rainy day savings in a financial crisis, while 43% would turn to family or their bank to bail them out

·        With an interest rate rise likely, those without savings should visit www.unbiased.co.uk/getsaving to start taking financial control

For decades, money experts have echoed the mantra of holding several months’ salary in savings in case of a financial crisis.  However, research* from IFA Promotion (IFAP), the organisation promoting the benefits of independent financial advice, suggests the concept of a “financial safety net” is in tatters, as just 19% of UK adults would rely on their savings if a financial crisis struck, and only one in ten say they would try to claim on a relevant insurance policy.

Instead, the research found that 22% of people would turn to their family to bail them out, 21% would go cap in hand to their bank for financial assistance, and a further 5% would take on debt to dig themselves out of a hole, mostly secured against their property.  Perhaps of most concern are the 15% of women and 12% of men who have no idea what they would do if hit by a financial crisis.

David Elms, Chief Executive of IFA Promotion commented: “Our research has already revealed some alarmingly blasé views on balancing our spending, saving and debt; but without even a basic savings safety net, millions of us risk the possibility of being plunged from indulgence into hardship.  Deep down most of us know we can’t always fall back on family or the friendly bank manager, and this explains why we are at least seeing the number of people taking independent financial advice on investment and savings start to increase.”

IFA Promotion offers consumers a range of information and interactive tools at www.unbiased.co.uk/getsaving, to help them take financial control.  Visitors can also obtain details of local IFAs who focus on investment and saving.

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* The Get Saving! 2006 report was produced for IFA Promotion by RAKM, and is partly based on an analysis of Inland Revenue, ONS, DWP Family Resource survey, Bank of England and ABI along with a specially-commissioned face-to-face consumer survey of 2,000 UK adults (16+), conducted by BMRB during October 2005.  With detailed queries on the report, call Paul Hersey at RAKM on 01737 216 940.  To view and download previous Get Saving! reports visit www.unbiased.co.uk/getsaving 

For further information please contact:

David Elms                                                Richard Winder/ Holly Godden

Chief Executive                                          Lansons Communications

IFA Promotion                                            020 7294 3641 / 020 7294 3674

020 7833 3131                                           mediaservices@ifap.org.uk

    For expert comment or case studies from over 200 media-friendly IFAs, journalists should call IFA Promotion’s Media Services hotline on 020 7294 3682 or search online in ‘Media Services’ at www.unbiased.co.uk

1.  Independent Financial Adviser Promotion

IFA Promotion was established in 1989 to promote the value and accessibility of independent financial advice to the public.  It represents around 9,000 firms of independent financial advisers across the UK and is sponsored by 32 leading financial institutions. In the past 12 months, over 530,000 consumers and businesses used IFA Promotion to find local independent financial advice.

IFA Promotion believe Independent financial advice should be:

·         Affordable.  The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.

·         Convenient.  IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.

·         Transparent.  It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.

2.      Independent Financial Adviser Promotion’s sponsors

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