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 4% of respondents only realised they needed long-term financial planning at age 50 or above, while one in twenty (5%) does not believe that they need to plan financially for the long term at all.
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.”