Tuesday 21st November 2006
Consumer advice service Which? has encouraged consumers to save for their retirement in the face of low financial confidence.
And it described as "worrying" statistics which show more than half (53 per cent) of people do not trust the financial services and a similar number have no specific provision in place for retirement.
Doug Taylor, personal finance campaigner with Which?, said: "Our research found that more than two in five consumers (43 per cent) do not have any personal pension provision."
"We need to instil trust to encourage consumers to save now for their retirement," he added.
However, Mr Taylor recognised that the lack of trust reflects an inability for the industry to manage stakeholder pensions as required by the government.
While 21 per cent of people questioned reported having had a bad experience with the financial services, some 75 per cent of those who did not trust the industry had no negative basis for their feelings.
Research conducted by Which? earlier this month found that 90 per cent of people would not trust the financial services to handle pension funds ahead of their retirement.
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