Pension savings ‘not enough’
Article Category: Debt Management Help and Advice
Brits are not saving enough money for retirement, one expert has said.
IFG Financial Services revealed the nation’s average pension contributions are not enough and this will lead to shortcomings in retirement.
Donna Bradshaw, a financial planning strategist at the firm, said people are not saving enough in general – maybe it is a cultural thing in this country.
A national obsession with property investment has distracted workers from looking at how much they are actually putting away for old age.
"Over the years we’ve made pensions unattractive with maybe too much legislation, but we need to focus people through an education process," she concluded.
The Fidelity Retirement Index reports that current trends show households are on track for just 42 per cent of their income when they retire rather than the Pension Commission’s target of two thirds.
Established in 1972, IFG claims to be a leading firm of independent financial advisers with offices nationwide.
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