Consumers ‘unsure they’ll have enough savings for pensions’

About a third of consumers state that they will have insufficient money saved in their current accounts to provide for their pensions.

Research from Which? suggests that people are not sure that they will have enough money to keep them going in retirement.

The data states that the gap between the amount people want to live on in retirement and the actual amount they will have differs by about £12,000.

Martyn Hocking, editor of Which? Money, commented: “There’s a huge difference between the amount of income people want to have in retirement and the amount they’ll get from the government.

“The basic rule is that you should start saving for your retirement as early as you can – the longer you leave it, the more you will need to save.”

People who wish to make the most of their savings ahead of retirement might wish to investigate the interest rates of savings accounts in order to find the best deals.

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *