Many failing to save for retirement
13.10.2008
Many people are failing to save enough towards their retirement, according to the director-general of Age Concern.
Gordon Lishman said that government figures showed that seven million people are currently not saving enough for their retirement.
People are "de-prioritising" saving for when they stop working, due in part to a lack of confidence in pensions following the collapse of several "high-profile" schemes, the expert asserted.
However, Mr Lishman said guarantees for private pension schemes have improved greatly in recent years.
"We would advise people not to put off saving if possible and to find out how much they need to save for the retirement income they want," he commented.
Julie Mulvanny, head of business development for individual pensions at Prudential, recently said pensions are "an easy one to stop making payments to" if people have mortgages and other household bills to contend with.
Gordon Lishman said that government figures showed that seven million people are currently not saving enough for their retirement.
People are "de-prioritising" saving for when they stop working, due in part to a lack of confidence in pensions following the collapse of several "high-profile" schemes, the expert asserted.
However, Mr Lishman said guarantees for private pension schemes have improved greatly in recent years.
"We would advise people not to put off saving if possible and to find out how much they need to save for the retirement income they want," he commented.
Julie Mulvanny, head of business development for individual pensions at Prudential, recently said pensions are "an easy one to stop making payments to" if people have mortgages and other household bills to contend with.