Saving money for the future is an aim for many, but with living costs to consider, it can certainly prove to be a challenge. A new study on the finances of the UK has found that six in 10 adults are not financially independent, and a quarter of people aged over 55 never expect to be.

“It’s interesting that more than three times as many people expect to be financially independent by the end of this year than expect to be financially independent in the next six to ten years.

“I firmly believe that people grossly overestimate what they can achieve in one year and grossly underestimate what they can achieve in ten. Thinking long term is key to financial independence.”

Mr Parello also shared some top tips when it comes to gaining financial independence.

Among them were considering taking the opportunity to start a pension.

DON'T MISS

“File this one under ‘boring but important,’” he said. “Pensions are one of the most effective ways of saving for later in life and you’re never too late to start. The good thing about these are that they’re tax efficient and your employer can pay in too.

“Most people factor their pension contributions into the pre-tax income, so don’t miss it as it’s paid at source with tax and National Insurance.”

Some people may opt to open a Lifetime ISA in order to save money for their first property purchase - or for retirement.

With this scheme, eligible savers can get a 25 percent government bonus on savings - up to £1,000 per tax year.