Pre-retirement population concerned about their savings

Posted 2008-05-8

New research has revealed that a quarter of those facing retirement are saving no money at all in preparation for it.

Additionally, over 40 per cent claim to have serious concerns over how much money they will need to survive, yet have not increased the amount they are saving, with 16 per cent of respondents having actually reduced the amount they were putting aside.

Mike Rogers, group chief executive of LV, who carried out the study entitled the State of Retirement report, said the figures were gave cause for concern.

“Despite the well-publicised £27 billion savings gap, it is worrying that as many as a quarter of the people we surveyed are making no provision whatsoever towards their retirement,” he said.

Over half of the people who took part in the study also revealed that they have not yet sought any financial advice concerning their retirement.

In 2006, the Birmingham Midshires Building Society calculated that the average Brit had savings of £7,500.

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