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More than a quarter of Brits have admitted to be relying on winning the National Lottery to help improve their financial situation.

Astonishingly, more than five times the number of those considering professional help – one in 20 – feel their best chance of improving their finances is by scooping the lottery, despite a minuscule 1 in 14,000,000 chance of hitting the jackpot.

When it comes to improving their financial situation, the survey, commissioned by the Institute of Financial Planning, found that four in 10 Brits recognised the need to save more and reduce debt. Nick Cann, chief executive of the IFP, warns some of these attitudes need to change: "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 per cent 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."

Cann says there seems to be a myth that financial planning is just for the wealthy or that professional help is expensive, which is not true – if you need your finances sorted there are many professionals out there who can help you back on your feet without adding to your debt problems.

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%.

Saving is a crucial part of financial planning, but the IFP says 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 or are saving nothing at all.

If you are pinning your hopes on those six little balls every saturday you are never going to soplve your debt problems. Only with sensible planning, good advice and hard work will help you back into the black. So talk to a professional adviser and face your problems head on.

SOURCE: IFP, 07/09/09

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