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Pensioners 'fail to budget for downturn'
21.07.2008
Pensioners are failing to budget for life in retirement despite the economic slowdown, it has been reported.
Only a third of retired adults in the UK stated that they had set a budget for their retirement, according to the Prudential survey.
It found just 17 per cent had seen a financial adviser, yet more than half felt they had carried out adequate financial planning before leaving the world of work.
Gary Shaughnessy, managing director for retail life & pensions at Prudential, said it was "quite worrying" to see the lack of planning undertaken by many people as they approach retirement.
He suggested that retirees should still look to make savings, citing research that people over 50 years of age can underestimate how long they live by up to six years.
A separate study from the Post Office recently found that more than half of over-50s are using credit cards to purchase everyday items.
The research also found a third of people in the same age group say they are unable to place money into savings accounts on a regular basis.
Only a third of retired adults in the UK stated that they had set a budget for their retirement, according to the Prudential survey.
It found just 17 per cent had seen a financial adviser, yet more than half felt they had carried out adequate financial planning before leaving the world of work.
Gary Shaughnessy, managing director for retail life & pensions at Prudential, said it was "quite worrying" to see the lack of planning undertaken by many people as they approach retirement.
He suggested that retirees should still look to make savings, citing research that people over 50 years of age can underestimate how long they live by up to six years.
A separate study from the Post Office recently found that more than half of over-50s are using credit cards to purchase everyday items.
The research also found a third of people in the same age group say they are unable to place money into savings accounts on a regular basis.