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Confidence rises in long-term savings

People are becoming more willing to invest in long-term savings products, according to an ABI survey.

It believes the figures show a marked improvement in the number of people looking at long-term savings, with 33 per cent saying they would invest spare cash in savings, up from 26 per cent in September 2003.

The survey also shows that trust in Government pension policy is edging up, with 20 per cent saying they either trust a great deal or tend to trust the Government, up from 17 per cent in January and 15 per cent in September 2003.

The number of people confident that they will have enough money for a comfortable retirement remains static at 38 per cent.

ABI head of pensions and savings Joanne Segars says: “Decisions made on Sandler products and the Pensions Bill will have a major impact on people&#39s futures. The Government has got to get it right if this boost in confidence is to be sustained.”

But New Life Financial Planning principal John Burnard says: “There is no underlying trust in pensions. It has become very difficult for advisers to answer clients&#39 questions on pensions because the proposals have not been made clear and now the start date has moved from 2005 to 2006.”

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