Thursday 10th January 2008
Many people in Britain are under immense financial pressure and are finding that their debts are preventing them from saving for retirement, according to a financial services expert.
Rachel Vahey, Aegon head of pensions development, suggests that there is a "gap" between people realising that the state pension will not provide them with enough when they retire and savings for the future.
Ms Vahey claims that people currently have a "living for today" mentality and often simply cannot afford to put cash away for a pension.
"When you take a good hard look at your expenditure ... then it is amazing to see where you can save some money and where you can make some savings toward your pension," she asserts.
The life insurance and pension expert recommends that people review their expenditure carefully and identify places where savings can be made and put towards the future.
A study by Aegon conducted in August 2007 found that 22 million British adults are currently risking poverty in retirement and 9.6 million adults have no long-term savings or a pension.
However, figures from the Office for National Statistics show that 44 per cent of organisations currently provide some form of pension or access to pensions.
©
Everything on preparing your finances for your children's futures. From Child Trust Funds through to tax planning. Request your FREE brochures here.
