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Money is undoubtedly few peoples’ favourite subject and managing finances can be a mind-numbing chore; yet there’s no denying that a financial oversight can be a costly mistake. Whether it’s for ourselves or for the benefit of loved ones, why aren’t we keeping a closer eye on our financial policies?
According to research from the Phoenix Group, over half (54%) of Britons are unaware that their pension typically goes to the person who is named in their pension policy, not in their will. What’s more, over a quarter (28%) with life insurance have no idea how much it will pay out after they pass away. These seemingly small oversights could be causing Britons to miss out on many policy benefits.
Aston spoke to Simon Read, an expert in personal finance, alongside David Woollett from Phoenix Group to discuss why Britons should be paying more attention to the policies they take out and offer advice on better money management.