View more on these topics

Half of workers failing to save for retirement

Almost half the UK workforce are not contributing to a pension, says the Consumers&#39 Association.

A CA survey shows that 46 per cent of workers are not contributing to a pension scheme. The CA says this highlights the gap between the retirement income that consumers expect and what they are on target for.

The CA&#39s findings are supported by research from consultancy KPMG, which says 53 per cent of people under 30 have no pension and 15 per cent of over-50s have made no retirement provision.

Other results from the CA research show that 64 per cent of men would like to retire before 65 while 75 per cent of women aim to retire before 60.

Nearly a quarter of people not paying in to a pension said they cannot afford to do so because of other financial commitments, 19 per cent believe they are too young and 18 per cent say it has never occurred to them to contribute. The CA questioned 653 adults in the first week of February while the KPMG survey was conducted among 1,801 adults by pollsters YouGov.

CA senior policy adviser Mick McAteer says: “These new results are shocking. It is clear that not enough consumers are saving enough at present to provide a reasonable pension, even if they work all the way up to 65, never mind retiring early on three-quarters of their current income.”

Recommended

HL sparks IFA row as it stops WP sales

Hargreaves Lansdown has put the sale of with-profits products on hold for the next few years in a move condemned by other leading IFAs.The Bristol intermediary says any money going into with-profits will simply be used to repair damage to ravaged funds if markets improve. If markets continue to slump, it says life offices could […]

Ex-Savills fund chief setting up property portfolio firm

Former FPD Savills head of fund management James Thornton is setting up a commercial property investment company for private clients who have more than £100,000 to invest.Mayfair Capital Partners, which was co-founded by Guy Brogden, a former senior equity partner at niche property company Oliver Liggins, will enable wealthy private clients to gain exposure to […]

Inside Edge: Peter Dornan

The basic criteria used to select the most appropriate financial products for clients are hardly startling. A tailored product, consistent investment performance across a range of funds and good service support are key elements to consider. However, the financial health and outlook of the provider require a more significant evaluation and this has quickly installed […]

GMAC-RFC slices up to 1% off rates

GMAC-RFC is cutting interest rates by up to 1 per cent on most of its non-conforming mortgages and offering a new mainstream capped-rate loan.The moves come as it leaps into the top 20 UK lenders for the first time, ranked 14th in terms of volume of gross lending, according to CML figures for 2001.It is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment