tag:blogger.com,1999:blog-9968565.post-1145604741465262142006-04-21T07:31:00.000Z2006-04-21T07:32:21.470ZIf you are over 26 but have not put in place basic plans to ensure financial security later in life, then start to worry. <br /><br />That is the message from financial advisers who warn that those who fail to address their financial futures early in life could face a lifetime of struggling to catch up. <br /><br />Financial advisers believe that the three pillars of financial planning ? saving for retirement, getting on the housing ladder and saving for the future ? should all begin well before a person reaches 30. <br /><br />According to research by Prudential, they think that people should start a pension at age 22, buy their first house at 25, and start to save at 26. <br /><br />However, the reality is somewhat different. The average age to marry, which is often a trigger to sort out finances, is 29 for women and 31 for men, while the average age of a first-time buyer is 34. <br /><br />But if reading this causes you to break out into a cold sweat, you will find solace in the words from Prudential's UK executive director Roger Ramsden, who says it is never too late to start planning for your financial future. <br /><br />"Planning early is key to a secure financial future, but it is never too late to start. For those of us who do seem past-it, we can still do an awful lot to improve our financial position; whether that is pay more into our pension, save more, or reduce our debts," he said. <br /><br />"At the bright young age of 26, many youngsters are not yet fully aware of the benefits that starting a pension and savings scheme can bring. <br /><br />"For one thing, few are aware of the significant tax breaks of a pension. It is only later that they look back and wish they had acted earlier to maximise their finances." <br /><br />Those under the age of 26 should take heed of the experience of their elders, 42 per cent of whom wished they had reviewed their finances earlier in life. The 25 to 34-year-old age group felt this more than any other group. <br /><br />Financial adviser Andrea Rozario said the ease of access to credit cards and loans, along with sophisticated advertising techniques, had caused saving to go out of fashion. <br /><br />She said: "I agree with the advisers surveyed by Prudential in that the earlier you start planning, the better. And while it may not be possible for everyone to have started a pension, bought a house and started saving by the age of 26 ? it should certainly be on their radar."Bruce Waynehttp://www.blogger.com/profile/05180072217431083459noreply@blogger.com