The pension savings gap presents a huge opportunity for IFAs to re-educate consumers on how much they need to save for retirement, says former Tory minister Michael Portillo.
Speaking at Zurich’s credit crunch conference in London, Portillo pointed to Zurich research which shows that despite 42 per cent of people admitting they are not saving enough for retirement, 43 per cent expect to be able to take two or three foreign holidays a year.
He said: “This presents not only the most extraordinary opportunity for IFAs but also the most extraordinary ethical mission as it is fundamentally necessary to re-educate the population to make better provision for the future.
“I cannot think of any more important goal than to help people avoid disappointment and poverty in retirement. One interesting thing about this survey is how high the aspirations are of people who are retired or will shortly be retired. There is a big obligation on and opportunity for the IFA community.”