Brits 'neglecting pensions'

Mon, 23 Feb 2009

A third of Brits are neglecting to save into a pension plan, according to new study.

Research by Fairinvestment.co.uk highlights that the group least likely to be saving for retirement is under-18s, with 48 per cent stating they do not have a pension pot compared to 29 per cent of people aged between 46 and 50.

The study also reveals that 11 per cent of respondents have stopped putting cash into their pension since the credit crunch took hold, while a further nine per cent have reduced their regular payments.

A further six per cent have stopped making regular pension payments and put the same amount into a savings account instead.

Chartered financial planner at Fairinvestment.co.uk Sharon Bratley says: "The fact that so many Brits do not have a pension in place is concerning. It is a fact that we are living longer, so the sooner people start saving for their retirement the better placed they will be when they are not willing or able to work."

She adds that while markets may currently be unpredictable, long-term investments such as pensions are likely to offer higher returns than savings accounts .

The UK Pensions Regulator recently stated that employers should not use the recession as an excuse to cut pension contributions .
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