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Another drop in Britain’s confidence in providing for retirement

Britain’s confidence in providing for a comfortable retirement has dropped for the third year running, according to Alliance Trust Savings.

According to the firm’s “Retirement Confidence Index”, confidence in this sector has hit the lowest point in its three-year study, with 43 percent of the nation now doubting they will be able to enjoy a good retirement life.

While in 2006, 38 percent of Brits stated they were concerned about their retirement provisions, this figure rose to 40 percent in 2007 and 43 percent in 2008. This year, only one in three Brits, 34 percent, in contrast believed they will be able to enjoy a comfortable retirement.

The retirement concerns are particularly prevalent among the 30 – 50 year olds. Almost half, 49 percent, of this pre-retirement group is unconfident about being able to provide for a comfortable retirement. This compares to 43 percent for the previous two years.

Steve Latto, pensions development manager at Alliance Trust, says: “In the current economic conditions, consumers are taking a much more pessimistic view of their retirement prospects and are losing confidence about being able to provide for a comfortable retirement life”.

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