21% expect standard of living to decline by 2029, says Scot Prov
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Scottish Provident research shows 21 per cent of people believe that their standard of living is likely to decline over the next ten years, 7 per cent more than five years ago.
The research, conducted by MORI as part of Scottish Provident’s High Wire Britain campaign, also found 26 per cent of those surveyed thought that the standard of living for the average family in Britain had fallen or stayed the same compared to 25 years ago. This is despite the fact that UK household net wealth has more than doubled in real terms since then.
Scottish Provident head of marketing Susan Barclay says: “Against a backdrop of economic turmoil it is understandable that people are uncertain about the outlook for their standard of living. What is worrying though is the level of gloom with the majority of people saying they don’t see an improvement in their standard of living for at least ten years.”
Barclay adds: “It is important that where possible, consumers protect their standard of living for themselves and those around them. Whether there are improvements or not, it is vital consumers do not take their existing lifestyle for granted and take out adequate protection.”
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Readers' comments (1)
Julian Stevens | 4 Nov 2009 11:54 am
What this tells us is that a radical root and branch reform of retirement funding options is required more urgently than ever, allied to a defeat of the FSA's proposals to destroy access to affordable independent financial advice.
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