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Fight for short-term survival

The downturn is forcing UK consumers to neglect long-term considerations such as retirement saving in favour of short-term survival strategies.

HSBC’s fifth future of retirement study claims that many people are cutting pension investments and delaying their retirement age as a result of the economic climate.

The firm questioned 15,000 people in 15 countries and found only 18 per cent in the UK believe they will now be able to retire as they had planned.

Fourteen per cent see red- ucing pension contributions or stopping paying into a pension as key to managing their finances in the downturn while 10 per cent have already stopped saving into a pension due to the recession.

Eleven per cent of respondents surveyed in in the UK say they will delay retirement compared with a global average of 9 per cent.


Focus on FSA rules is risk for ad campaigns

Commercial law firm Beachcroft says a focus by compliance officers on approving financial advertising campaigns by reference only to the FSA handbook means “devastating risks” are being overlooked.

Prime motivation

Money market funds have quickly become big business amid recent economic turmoil and Prime Rate Capital Management has enjoyed 600m-plus inflows in little more than a year.

Variable annuity sales rise

Variable annuity sales rose by 7 per cent to £340m in the first quarter of the year compared with the final quarter of 2008, according to Watson Wyatt.


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