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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.

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