Workers fearing pension prospects, study shows

Mon, 18 Sep 2006

Workers are concerned about the level of financial security their pensions afford them after reaching retirement, according to new research.

UK adults between the ages of 30 and 50 are the most concerned about the level of pension savings they will be able to accrue, the Alliance Trust study reveals.

In this age range, one in eight state that they are "totally unconfident" about their ability to garner an adequate pension.

Furthermore, of all respondents to the survey, one-in-six state that they will have less than ten years' savings to rely on upon reaching retirement.

Hyman Wolanski, head of pensions at Alliance Trust, said: "While locking regular sums into a pension might often be put off in favour of more immediate financial demands, there is now much more flexibility than ever in how people can save in pension schemes for the future."

Ms Wolanski continued that pensions are not always the most effective way of making savings for younger people, with other savings products, such as individual savings accounts, possibly more appropriate for some.

Recent Scottish Widows' research showed that some 11 out of 12 Britons are falling short of their pension saving targets.


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