Saving for financial security after reaching retirement is a low priority for UK residents, according to research conducted by Barclays.
Making the necessary contributions to savings accounts or personal pension plans is difficult for many, given the financial pressures of everyday life, claims an expert at the company.
The survey also found that 43 per cent of UK residents believe that their ability to set aside a realistic amount of money for reaching retirement is their main concern when planning for the eventuality.
However, of those who are able to save, 77 per cent would rely on a pension for their main retirement income , although 34 per cent have an individual savings account or personal equity plan .
Stephen Ingledew, director at Barclays Financial Planning , said: "Some people have taken note of the changes which have been made to the pensions landscape over recent years as the government strives to make saving for retirement easier for people today.
"Consumers are looking for products that make best use of the benefits brought about by A-Day such as flexibility, the ability to manage your own pension investments and increased tax allowances."
A-Day refers to recent government pension reforms following the Turner report.
UK residents struggle with savings for future, Barclays claims
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UK residents struggle with savings for future, Barclays claims
Mon, 31 Jul 2006
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