Pension warning to young

Wed, 24 Sep 2008

Only a quarter of people are confident that their pension will provide them with an adequate income in retirement, new figures show.

A survey by GE Money and MoneyBasicis.co.uk reveals that 27 per cent of people are certain of this fact, although 59 per cent have a company or private pension in place.

The research reveals that 18-24 year olds are least like to have a pension plan in place, with 17 per cent having a provision.

Martyn Beauchamp, chief marketing officer at GE Money, said: "Unsurprisingly young people have made the least provision for retirement, but escalating living costs, difficulties getting on the property ladder and often crippling student debts mean they may be ... at even greater risk of a retirement shortfall ."

Retirement requires early financial planning and people should make sure they are saving for the future through a pension scheme, he added.

The survey also found that men (64 per cent) are more likely to have a pension plan in place than women (55 per cent).

Recently, Virgin Money warned people could lose out on pension income if there is a delay in buying an annuity .
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