Cochran echoes this, warning that clients not having clarity on what clients are saving for, or any segmentation of their approach to saving, can inevitably mean they will focus on "the demands of the day and simply end up living for today".

He adds: "One of the great advantages of the advice process is that many advisers have cash flow modelling tools that can help clients see how different jars can be used to fund a full lifestyle.

"Cash flow modelling can help clients understand if they can afford the timeshare in Algarve as well as all the other day-to-day needs, and if a client is not on track to achieve their goals, what they can do to do fix it."

simoney.kyriakou@ft.com