Pension savings too low, expert warns

Thu, 26 Jun 2008

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.
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