Brits' concern over retirement savings

19 September 2006
A newly launched Retirement Confidence Index from financial services company Alliance Trust has shown that as many as one in six Britons expect to reach retirement with less than ten years' worth of savings.

The report also showed that adults in the prime of their working lives were also the least confident about their ability to retire comfortably, with around 12 per cent saying they were "totally unconfident" about their prospects for retirement savings.

The average response from those between the ages of 30 and 50, when zero was "totally unconfident" and ten was "totally confident", was 4.4, compared with over five for the under 30s and over 50s.

"While it's heartening to see that some people are totally confident about their retirement provision, it's worrying to see that many in the prime of their working lives are most uncomfortable about their retirement prospects," said Hyman Wolanski, head of pensions for Alliance Trust.

"While locking regular sums into a pension might often be put off in favour of more immediate financial demands, there is now much more flexibility than ever in how people can save in pension schemes for the future," he continued.

"It is, therefore, important that people are made aware of this flexibility so that, where possible, they can save more for their retirement in order to improve their standard of living in retirement."

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