Older Britons are desperately saving money in the last few years of their working lives in a last-minute rush to provide for a comfortable retirement pension.
According to Prudential, 2.6 million British workers are going to great lengths to earn and save extra cash for when they reach retirement age.
Almost a fifth of Britons aged between 55 and 64 are saving at least a fifth of their earnings towards their retirement pension.
Three per cent of 55- to 64-year-olds are putting half of their income aside every month in a last-minute attempt to save for retirement.
Taking fewer holidays is the technique employed by most of these to save the biggest amount of cash. Another fifth go without buying a new car and 18 per cent have cut on their socialising expenses.
Working overtime to bring in more cash was the best option for 30 per cent of these savers over the last year.
But this form of panic saving as people approach retirement age is not ideal, Prudential's director of worksite communications believes.
"Panic saving as you draw close to the end of your normal working life is not ideal," Stephen Lowe commented.
"It is much better to have a financial plan in place as soon as possible and preferably when you first start working."
Older Britons desperately saving money as retirement age looms
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Older Britons desperately saving money as retirement age looms
Wed, 14 Sep 2005
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1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
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