People are not saving enough money in pensions to provide for their future, one expert has warned.
According to Donna Bradshaw, a financial planning strategist with IFG Financial Services, a number of factors mean that large sections of the population are not putting cash in to a pension.
She said: "Over the years we've made pensions unattractive with maybe too much legislation, but we need to focus people through an education process."
There has also been a large emphasis on the housing market at the expense of encouraging people to save for retirement, she added.
People are also less keen to save due to the decline of final salary pension schemes, Ms Bradshaw stated.
According to the Fidelity Retirement Index the average household will receive 42 per cent of their pre-retirement income once they retire .
This is well below the Pension Commission's target of two-thirds of their final salary at retirement.
Pension savings too low, expert warns
Pensions Quote Line
0845 108 0505
Pension savings too low, expert warns
Thu, 26 Jun 2008
Recommended links
Pensions information portalPensions enquiry form
Today's pensions options
Pension credit information
Pension planning guides
Salary Related Pensions
Planning for your retirement
Retirement income
Consider savings accounts instead of pensions, financing expert argues
Governments should push savings and pensions, ABI urges
Scottish Widows: Very real pension savings chances
Retirement needs more savings, Prudential warns
Credit crunch could hit unconventional pension savings
No savings gap says leading economist
Companies should encourage pension savings, warns the government
Expert help advised for pension savings
Scottish Widows reveals fall in UK pension savings
Many Brits have fewer than ten years' pension savings, study shows
National pension savings scheme the best deal, expert claims
Small changes could mean big pension savings
UK residents struggle with savings for future, Barclays claims
Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.
1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
| pensions news |
|---|
| Pension scheme bailouts likely - Wed, 07 Jan 2009 |
| Government will protect pension holders - Tue, 06 Jan 2009 |
| Pension investors told to consider hotel rooms - Wed, 24 Dec 2008 |
| More News |
Pensions Newsletter
Please enter your email below and subscribe to our monthly newsletter
Save on Your Mortgage
Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.
Protect Your Health
Find Critical illness, Life and Private Medical Insurance PMI policies.