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Retirement confidence at three-year low

Two in five Britons are not confident that they will be able to provide for a comfortable retirement, according to Alliance Trust Savings research.

The Alliance Trust Savings retirement confidence index that the UK’s retirement confidence has hit its lowest point in the three-year study, with 43 per cent doubting that they will be able to enjoy a good retirement.

In 2006, 38 per cent expressed concern about their retirement provisions, rising to 40 per cent in 2007 and 43 per cent this year. Only 34 per cent believe that they will enjoy a comfortable retirement.

Retirement concerns are particularly prevalent among 30-50-year-olds, with 49 per cent saying that they are not confident.

Women are particularly pessimistic, with 49 per cent feeling unconfident about retirement provisions compared with 36 per cent of men.

Alliance Trust pensions development manager Steve Latto says: “In the current economic conditions, consumers are taking a much more pessimistic view of their retirement prospects and are losing confidence about being able to provide for a comfortable retirement life.

“It is important to remember that retirement planning is a long-term process. The usual rules apply – the earlier people start saving for their retirement, the easier it will be for them to be able to accumulate a sufficiently big enough fund.”

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