There May be Trouble Ahead: Many People Expect a Life of Pension Poverty in Retirement, Fairinvestment.co.uk Has Found
Bristol, United Kingdom, April 03, 2008 --(PR.com)-- A large portion of people are expecting to find themselves below the poverty line when they retire, according to new research from Fairinvestment.co.uk.
When asked what they expect from their retirement, 33 per cent of people said that they are looking forward to a comfortable living with an adequate income when the time comes to retire, but a disturbing 19 per cent were less optimistic, admitting that they are likely to face a life of poverty in their retirement.
The survey also found that 26 per cent expect money to be tight but that with strict budgeting they should be able to manage financially through their retirement; 11 per cent declared that they are living for today and as yet have no preparations in place for their retirement.
A lucky seven per cent of respondents said that they harbour no concerns about supporting themselves financially through their twilight years and will live a life of luxury when they retire.
One optimistic respondent is eagerly awaiting the "Ferrari and a 21 year old" that they expect from their pension fund, while another individual, reflecting the current climate of instability in the economy, simply asked "Who can save enough for retirement?"
"Many people are feeling the effects of the credit crunch, with rising food and energy prices and soaring mortgage repayments," explained James Caldwell, director at Fairinvestment.co.uk. "As a result, they have less available money to stash away for the future in savings and pensions, which explains why some people have no idea how they will manage once they stop working.
"Furthermore, Britons have found themselves taking on increasing levels of debt over the last five years, so saving for retirement has not been high on the priority list for many as they strive to keep up with repayments. The relative financial prudence of the current retired generation has given way to a more 'live for today' attitude.
"However, it is important that people start to plan for their retirement from an early stage in their career to give themselves enough time to accumulate a comfortable income. It might be that the 19 per cent who expect a life of poverty have not done all they could to prepare for their future and are now accepting the consequences."
Fairinvestment.co.uk offers free information about pensions, and can put those concerned about supporting themselves through retirement in touch with an advisor who can help them choose the right pension product for their individual circumstances and requirements.
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About Fair Investment
• www.fairinvestment.co.uk, is an independent online finance portal, providing comparison tools, news, reviews and information on a wide range of financial products and services, including insurance, credit cards, mortgages, loans, savings and investments.
• Fair Investment Company is a leading internet player that sees 400,000 unique users per month, sells over £5 billion worth of mortgage enquiries and is a Hitwise 100 Banks and Financial Institutions site.
For further information, contact:
Rachel Mason
Editorial Manager
Fair Investment Company
Telephone: 0117 9335507
Fax: 0117 9335509
E-mail: rachelm@fairinvestment.co.uk
Web: www.fairinvestment.co.uk
When asked what they expect from their retirement, 33 per cent of people said that they are looking forward to a comfortable living with an adequate income when the time comes to retire, but a disturbing 19 per cent were less optimistic, admitting that they are likely to face a life of poverty in their retirement.
The survey also found that 26 per cent expect money to be tight but that with strict budgeting they should be able to manage financially through their retirement; 11 per cent declared that they are living for today and as yet have no preparations in place for their retirement.
A lucky seven per cent of respondents said that they harbour no concerns about supporting themselves financially through their twilight years and will live a life of luxury when they retire.
One optimistic respondent is eagerly awaiting the "Ferrari and a 21 year old" that they expect from their pension fund, while another individual, reflecting the current climate of instability in the economy, simply asked "Who can save enough for retirement?"
"Many people are feeling the effects of the credit crunch, with rising food and energy prices and soaring mortgage repayments," explained James Caldwell, director at Fairinvestment.co.uk. "As a result, they have less available money to stash away for the future in savings and pensions, which explains why some people have no idea how they will manage once they stop working.
"Furthermore, Britons have found themselves taking on increasing levels of debt over the last five years, so saving for retirement has not been high on the priority list for many as they strive to keep up with repayments. The relative financial prudence of the current retired generation has given way to a more 'live for today' attitude.
"However, it is important that people start to plan for their retirement from an early stage in their career to give themselves enough time to accumulate a comfortable income. It might be that the 19 per cent who expect a life of poverty have not done all they could to prepare for their future and are now accepting the consequences."
Fairinvestment.co.uk offers free information about pensions, and can put those concerned about supporting themselves through retirement in touch with an advisor who can help them choose the right pension product for their individual circumstances and requirements.
###
About Fair Investment
• www.fairinvestment.co.uk, is an independent online finance portal, providing comparison tools, news, reviews and information on a wide range of financial products and services, including insurance, credit cards, mortgages, loans, savings and investments.
• Fair Investment Company is a leading internet player that sees 400,000 unique users per month, sells over £5 billion worth of mortgage enquiries and is a Hitwise 100 Banks and Financial Institutions site.
For further information, contact:
Rachel Mason
Editorial Manager
Fair Investment Company
Telephone: 0117 9335507
Fax: 0117 9335509
E-mail: rachelm@fairinvestment.co.uk
Web: www.fairinvestment.co.uk
Contact
Fair Investment Company
Rachael Stiles
01179335507
www.fairinvesment.co.uk
Rachael Stiles
01179335507
www.fairinvesment.co.uk
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