Brits need to plan for the long term, HSBC advises

Wed, 10 Jun 2009

HSBC Insurance has warned that the UK will facing a pensions "perfect storm" if people continue to ignore long-term savings .

According to the firm's new report It's Time to Prepare, people are adopting short-term financial plans in the face of the recession, meaning they could leave themselves open to money worries in the future.

The study highlighted that only a quarter of Brits polled felt they were fully prepared for retirement, while 76 per cent did not know what income they could receive when they left work.

Stephen Green, group chairman of HSBC, said: "A perfect storm is confronting pensions planning, created by an ageing population, falling pension funds values, a drop in state and employer contributions and an economic downturn which is forcing people to make tough financial choices."

Aviva recently warned that today's children will be reaching milestones such as buying their first property and getting married later in life, and therefore need to make sure they are financially prepared for the future.
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