View more on these topics

Public lose faith in pensions

Pension investment is collapsing among the public who are looking to other forms of savings to provide most of their retirement funding, according to YouGov research.

The survey, commissioned by software firm Mastek, found that 63 per cent of respondents are not saving for their retirement within a private pension.

However, 89 per cent of the 2,000 people in the poll think it is important to save for the future and 76 per cent believe it is important to provide financial assets for their dependants.

Just under half of respondents say they do not have enough money to save for their retirement but only 3 per cent say they will be relying on their state pension.

Mastek director for UK insurance Brian Please says: “People are losing faith in pensions to provide for them in retirement and the industry needs to react to the changes in saving habits we have seen in recent years.

“Many of the pension products on the market need to be reworked and, in some cases, replaced to reflect the new requirements of consumers who will phase their retirement and live a lot longer.”

Recommended

Schroders reaps aggie rewards

The Schroder agriculture fund has taken $1bn in assets in less than a year.Schroders says the fund, which was launched last October, has returned 14.86 per cent since launch, outperforming the Rogers International Commodities Agriculture TR index by 8.39 per cent.Fund manager Rodolphe Roche says he is confident that the agriculture sector is set for […]

President Bush offers measures to help US sub-prime homeowners

US president George Bush announced a range of measures last week in a bid to help American homeowners meet mortgage payments following the recent US sub-prime crash.This comes as Federal Reserve chief Ben Bernanke pledged to shelter the US economy from the turmoil in the world markets, hinting that a rate cut might be on […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment