Tuesday 27th February 2007
The majority of the worlds population is not preparing adequately enough for its retirement, according to Norwich Unions parent company Aviva.
Some 60 per cent of people worldwide were found to not be saving enough for retirement in the financial services providers global survey.
Consumer Attitudes to Savings 2006 noted that three in ten Britons are putting money towards their retirement, compared with half of Americans and 75 per cent of Hong Kong citizens.
Richard Harvey, group chief executive at Aviva, said: "Our research shows that the pensions black hole is not just a UK-specific issue but an area of global concern."
"The worlds pre-retired population seems to have resigned itself to the fact that the term retirement age may not apply to a specific age," he added.
Advice from the company includes a six-stage procedure by which consumers can plan to save for their retirement.
Meanwhile, Norwich Union offers stakeholder pensions with initial deposits of £20 and accepts one-off payments as well as monthly or yearly deposits.
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