Savings troubles may indicate debt fear

Wed, 28 Sep 2011

An inability to save among people in Britain may serve as an indication that increasing numbers are becoming fearful of the prospect of debt troubles.

Indeed, new research from Prudential has revealed more than one-third (35 per cent) of UK adults who are not yet of retirement age have stopped paying contributions to their pension pots.

According to the study, 33 per cent of those who no longer do so have taken such measures because they are out of employment, while 27 per cent admitted they simply cannot afford to keep up with the payments.

Vince Smith-Hughes, head of business development at Prudential - which has more than 25 million customers - said: "Tightening your belt when times are hard is sometimes necessary and putting pension contributions on hold might seem an easy way to save money."

However, the industry figure warned doing so should only be viewed as a last resort when people are finding it difficult to make ends meet.
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