The decline of the welfare state means that individuals are increasingly expected to assume
responsibility for their own long-term financial security . . . Self-help is the order of the day
. . . The scant evidence available suggests that few people are able to handle their personal
financial affairs adequately. Few appear to keep financial records on a regular basis and even
fewer make a regular check on the value of their net worth and the proper diversification of
their assets (McRae, 1997, vii, 1 and 2).