Nationwide: People want to save, not work

18 November 2005
More Brits would rather save money now for their retirement than work into old age, says Nationwide Building Society.

A survey by Nationwide found over half of British workers would prefer to save more money now and spend less in preparation for their life after work.

The building society has also called on the government to "simplify" the UK pensions system to make it easier to understand.

Nationwide's chief executive, Philip Williamson, said: "Our research shows that saving more for retirement now is more popular than the option of working to an older retirement age.

"Pensions are seen to be overly complicated and the [European] Commission and government should take urgent steps to address this."

In the Nationwide survey a third of people said they would be prepared to work to older retirement while 18 per cent said they did not know what they would rather do.

Almost three-quarters of people said they would save more if the UK pensions scheme was simplified.

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