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Savers feeling the crunch

Scottish Widows says a cloud of pessimism is hanging over savers after a survey found that many believe they cannot afford to increase the amount of money they put aside.

Almost 60 per cent of people questioned for Widows’ pension report said they will not save any extra money in the next 12 months. Forty-four per cent of those who do not already have a private pension believe they will never contribute to one.

Widows says only 51 per cent of people who could be preparing financially for retirement are saving adequately although this is up slightly from 49 per cent last year.

Head of pensions market development Ian Naismith says a distinct sense of pessimism emerges from the survey, with consumer confidence falling compared with last year.

He says: “A number of people are beginning to save more consistently within short-term savings vehicles such as Isas but many people just do not see how they can afford to put anything extra aside and this does not look to be improving over the coming months.”

Hargreaves Lansdown head of pension research Tom McPhail believes the situation will get worse before it gets better. He says: “There is rising pressure on household finances, a wage squeeze and rising inflation. Pensions are likely to be compromised.”


Optimiser options

Every investor aiming for growth in the longer term should have an exposure to emerging markets because many of these economies are growing at a faster rate than those of the developed world.

Trawl order

With inflation at a 10year high, pundits are wondering where people should invest so we can outpace inflation over the longer term.

‘RDR will drive consolidation’

Consolidation is set to accelerate in the intermediary sector this year as the retail distribution review shakes out the weaker performers, predicts Cavanagh group director Simon Redgrove.

Graphic Content – August

Given the release of employment data from the US on 5 August, we wanted to focus on employment data in this month’s Graphic Content. The Graphic Content below shows us that young and middle-aged workers were hit the hardest by the Great Recession and have never caught up. Since the job market started to recover […]


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