A new study has suggested that many pension holders may be in for a rude awakening when they review their financing situation later in life, according to a new study.
In a survey from life insurance and pensions specialist AEGON, 88 per cent of independent financial advisors agreed with the statement that more people will be unable to retire at the age they would like to as a result of a shortfall in their pension.
Meanwhile, the study also suggested a possible reason for the lack of money in many consumer pensions.
According to the poll, 56 per cent of advisors said that the majority of people would not consider boosting their retirement savings now and, given the choice, would opt to work longer instead.
"British people are heading for a sharp wake-up call," commented Graham Dumble, director of risk and regulation at AEGON.
"Unless they are prepared to accept a significant fall in their standard of living in retirement, they will have to save more or work longer."
To counter pension problems in the long term, the government is proposing to roll out the national pensions savings scheme in 2012, which will feature automatic enrolment of full-time employees across the UK.
Warning issued to over-optimistic pension holders
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Warning issued to over-optimistic pension holders
Fri, 08 Jun 2007
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1998 - 2009 UK Pensions - Planning before, at the onset and during retirement.
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