Today’s ‘consumerist’ society is significantly affecting pensions, with millions facing a meagre retirement; a new report has shown.

Figures from the Office for National Statistics have shown that around four in ten living in the UK say they prefer to have their money at their disposal now rather than saving for a pension, reports the Daily Mail.

Of some 32,000 respondents, 38 per cent stated that a good standard of living is more important to them than planning for retirement.

Tom McPhail, head of pensions research at financial advisers Hargreaves Lansdown, commented: “We have all bought into this hedonistic culture of buying now and not thinking of the consequences. There are a lot of people living in denial.”

A separate survey by the Chartered Institute of Personnel and Development has shown that record numbers of pensioners will have to continue working due to financial difficulties, according to the newspaper.

Hargreaves Lansdown is a leading provider of investment management products and services to private investors in the UK with £8.3 billion of assets under administration on behalf of private investors.

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