This is compared to just 1 in 20 who will seek professional help to improve their finances, according to a YouGov survey commissioned for Financial Planning Week 2009 taking place this week 7 - 13 September.
Astonishingly, more than five times the number of those considering professional help feel their best chance of improving their finances is by scooping the lottery, despite a minuscule 1 in 14 million chance of hitting the jackpot.
When it comes to improving their financial situation, the survey commissioned by the Institute of Financial Planning in association with NS&I (National Savings and Investments), found that 4 in 10 Brits recognised the need to save more (41%) and reduce debt (40%), while only 1 in 20 (five%) plan to get the advice of a professional.
Nick Cann, chief executive officer of the Institute of Financial Planning, warned some of these attitudes need to change. He said: "The results of our 2009 Survey reflect the fact that many continue to ‘bury their head in the sand' by ignoring financial problems in the hope that they go away. Only one in five are currently satisfied with their financial position - suggesting 80% of the population should be looking for help, but either decide to do nothing about it or rely on a lottery win which is unlikely in the extreme."
Financial Planning Week is a not-for-profit programme aimed directly at helping people identify their goals in life and work out how to plan their finances in the most effective way to achieve them. It is run by the Institute of Financial Planning (IFP) and its aim is simply to kick-start people into thinking about their finances.
When compared to the results of a similar survey run in 2008, fewer people are planning properly. In 2008, 85% of respondents reported that they had identified their financial priorities and goals and were making appropriate plans to achieve them. In 2009 this number reduced to 68%.
Given the challenging conditions of the past year, it is likely that those who previously believed they had effective plans in place realised that they had not gone far enough. The 30 to 44 age groups fared particularly badly, with almost 90% not having a financial plan that they review regularly.
Saving is a crucial part of Financial Planning. Only 23% of people surveyed believe they are saving enough or more than enough for future financial needs. Worryingly, three-quarters are not saving enough (39%), saving nothing (22%), or unsure about whether they are saving the right amount for their circumstances (15%).
