Financial planning 'allows for more time with loved ones'

Wednesday, February 10th 2010

People who plan their finances - particularly savings - in advance will find they may have more time to spend focusing on their loved ones or other important things in their lives, according to Scottish Widows.

Alison Morris, savings expert for the institution, commented that people should aim to set aside around 12 per cent of their monthly income to put towards their retirement.

"Putting aside this amount each month will put people's minds at rest and allow them to focus on the things they really want to prioritise - their partners," she said.

Ms Morris made her remarks following the publication of the first annual Scottish Widows' Priorities of Life index, which indicated that 12 per cent of people do not spend as much time with their partners or families as they may like because they are too busy concentrating on making ends meet.

Those who are pulling out all the stops this Valentine's Day and buying an engagement ring for their other half should make sure that they contact their home insurer to inform them of their new purchase, according to Hiscox.

It also advised checking to make sure the policy covers rings and other valuable items when they are temporarily removed from the home - such as on holiday.