NEW findings released by Cancer Research UK reveal that short-term money pressures are causing people to fail to plan beyond the recession.

The charity carried out the survey to highlight the importance of writing and updating a will and to encourage people to consider leaving a gift to charity when doing so.  Gifts left in wills, or legacies, are vitally important to Cancer Research UK, which funds more than a third of its research in this way.

The survey was carried out in partnership with Origen, the independent financial adviser that is part of AEGON UK, which has teamed up with Cancer Research UK to support the charity’s new Plan for Tomorrow campaign, helping to raise awareness of the real difference that legacies can have on the lives of people with cancer.

The results showed that almost a third of people (31 per cent) are neglecting their long-term financial security for short-term gain.  Of those respondents whose long-term finances have been affected by the recession:

• Two fifths (40 per cent) have changed their long-term financial plans as they would prefer to have the additional money in their pocket now while times are tight;
• Almost a quarter (23 per cent) say their long-term financial situation is something they will think about when the economy recovers, and;
• A fifth (21 per cent) plan to make up any shortcomings when they are more financially secure.

Ways in which this focus on the short-term, combined with cash flow worries, is impacting on longer-term financial planning, include almost one in ten people (7 per cent) failing to write or update their will.  Of these, over half (59 per cent) say it is because they can not afford to pay solicitor’s fees, while more than a third (38 per cent) have put it on the back burner until they feel more financially secure.

Rob Tinsley, Head of Retirement Services at Origen, said: “It’s no surprise that people are concerned about money during these difficult times and, while it’s sensible to make cutbacks to spare up extra cash now, there are some things that shouldn’t be scrimped on.  It’s always important to keep one eye on future, especially as nobody knows how long the recession will last.”

The survey also found that across the UK people are focusing their financial planning on short-term measures, with over half (58 per cent) saying the credit crunch has affected their day-to-day spending.  Many of those have resorted to taking risky measures to save money in the short-term, including taking out cheaper insurance products which do not meet their requirements (15 per cent) and reducing or cancelling pension payments (7 per cent).

More sensibly, more than nine out of ten of respondents (94 per cent) who said the recession has affected their day-to-day spending have turned to alternative, short-term solutions to ease money worries.  These include:

• Swapping named brand and premium grocery products for cheaper own-brand alternatives (64 per cent)
• Using value retailers for main grocery shop (46 per cent)
• Eating in with friends/family more frequently as an alternative to dining out (54 per cent)
• Starting to shop or shopping more frequently at value clothing and charity shops (31 per cent)

Rob Tinsley added: “Retirement and old age might seem a long way off for a lot of people, but the choices you make now will almost certainly have an effect in the years to come, that’s why we’re supporting Cancer Research UK’s Plan for Tomorrow campaign.  The future shouldn’t be left to look after itself and making rash decisions about long-term issues, such as pensions and writing a will, could have a massive impact on yours and your family’s lives in the future, so it’s vital that people think carefully before taking such steps and take expert advice.”

Nick Georgiadis, legacy fundraising manager at Cancer Research UK, said: “Remembering a charity in your will is a simple yet impactful way for anyone to support a good cause.  We’d encourage everyone who needs to update their will to consider leaving a charitable legacy when they’re doing so.”

More than a third of Cancer Research UK’s lifesaving research is funded by gifts left in wills.  Without this generosity, the charity would not be able to continue all its world class research into the causes and treatments of all forms of cancer.

Georgiadis continued: “Cancer Research UK’s work has saved millions of lives across the world, and over the next decade we aim to save many more.  But we can’t do this without the support of the public, and in these difficult times, we need that support more than ever.”

For more information on leaving a legacy to Cancer Research UK call 0207 121 6697 or visit www.planfortomorrow.org.