Pension News Workers ‘unconfident’ About Retirement

Written by Editorial Team

18 September 2006

People in the UK who are at the most productive stage of their lives work-wise feel the least secure about their ability to save retirement funds.

This is according to new research carried out by Alliance Trust, which revealed that 12 per cent of British workers aged between 30 and 50 would say they are ‘totally unconfident’ about their retirement income.

The Retirement Confidence Index from the financial services firm also showed that just five per cent of those under 30 were ‘totally unconfident’ and men were in general more confident than women.

However, one in six respondents to the study claimed they planned to save for only ten years for their old age.

Head of pensions at Alliance Trust Hyman Wolanski said: “While it’s heartening to see that some people are totally confident about their retirement provision, it’s worrying to see that many in the prime of their working lives are most uncomfortable about their retirement prospects.

“While locking regular sums into a pension might often be put off in favour of more immediate financial demands, there is now much more flexibility than ever in how people can save in pension schemes for the future.”

To read more about pensions, click here.