For some people, an integral part of their working life is planning for their retirement so they can maintain the lifestyle they currently have for years beyond their employment. A recent survey however has indicated that this isn’t a concern for a majority of people, as less than half of Britons are actively saving for when they retire.
The survey, carried out by the Department for Work and Pensions revealed that only 17 per cent of people disagreed that putting money into a pension was the best form of retirement planning. Despite this, just 48 per cent of people are currently saving for their retirement in this way.
Of all those questioned, young people were revealed to be the most likely to delay setting aside any money for future provisions when they cease working, with 80 per cent of those aged between 18 to 24 and 50 per cent of those aged between 25 and 34 currently not saving.
Despite the diminished figure of those participating in retirement planning, separate research revealed that people’s confidence in the British economy was increasing. Around 44 per cent of people are now confident that the will improve in 2010.
Experts believe that tackling the level of under-saving is a huge challenge that needs to be seriously address should Britain want to avoid widespread poverty.
The UK economy and individuals alike should be encouraged to save and plan their retirement, creating the foundations of a strong saving culture.
If you feel the time is right to participate in retirement or investment planning, please contact us on 0114 272 3994 for more advice.