Less than half of UK citizens know their overall financial worth and only 15 per cent know where their savings are invested, according to ne...

Less than half of UK citizens know their overall financial worth and only 15 per cent know where their savings are invested, according to new research by Standard Life, which paints a picture of massive confusion over people's financial worth. Standard Life commissioned the research to understand how much people truly know about “asset allocation” and the value of their assets and liabilities. The findings support the development of wrap propositions in the UK to help more people manage their financial affairs appropriately, said the asset manager. Standard Life's research also shows that less than half the population believe their savings and investments are held in the most tax efficient manner and some 45 per cent claim never to have reviewed their finances with a financial advisor. Only 14 per cent think they could find out the value of their savings from their financial advisor. A spokeswoman for Standard Life told WealthBriefing: “Financial advice is the way to remove this blindfold. The results we found came from about 500 people picked at random.”