People cannot afford to save for retirement

Mon, 21 Nov 2011

One-in-ten people think they will not be able to retire because of economic concerns.

The fourth annual Financial Planning Survey - commissioned by the Institute of Financial Planning (IFP) - also found 66 per cent of women and 54 per cent of men constantly worry about their monetary situations.

Some 14 per cent of those questioned have never made a pension contribution, while 31 per cent are not currently paying in to any scheme.

A total of 77 per cent of respondents said they would be happier with more money and only 19 per cent think they will have enough cash to live comfortably in the future.

Nick Cann, chief executive officer of IFP - which has over 2,000 members - stated: "These findings present a worrying picture for so many people who are facing an uncertain future yet not taking appropriate steps to improve their situation."

He was speaking at the start of UK Financial Planning Week, which is running from November 21st-27th and it hopes to raise awareness about the importance of being responsible with money.
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