‘Education needed’ to avoid retirement debt problem
Britons across all age groups need to become more knowledgeable about financial issues in order to avoid encountering a debt problem, it has been claimed.
Norwich Union made the suggestion ahead of tomorrow’s announcement by the government in which the importance of financial education among the young is expected to be highlighted.
Head of post-retirement packages at Norwich Union Elizabeth Boardall lauded the proposed initiative and said that education also needs to be offered to the many Britons who are approaching retirement age.
Commenting that many thousands of people are finding it necessary to work beyond the age of 65, Ms Boardall identified how few Britons could simply rely on a state pension.
“Consequently we can no longer adopt a one-size-fits-all approach to personal finances and it is vital that new retirement solutions are developed to adapt to individuals’ needs,” she said.
In order to avert future debt problems among a large swathe of the population, Ms Boardall said that Britons need to receive financial education both in the “short and long-term to help them manage their finances throughout their later years”.
Those wishing to avoid a debt problem could welcome the news that assistance is available.
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