State pension relied on by many

Tuesday, December 13, 2005

New figures have revealed that an incredible two in five people have no pension plans in place and are saving nothing for retirement.

The British Social Attitudes report from the National Centre for Social Research showed that a massive 39 per cent of people are looking to be completely reliant on the state pension when they retire.

"It's clear that future pensions policy will require a substantial change in people's attitudes and behaviour if it's to close the so-called 'savings gap'," said Miranda Phillips of the National Centre for Social Research.

"While there's overwhelming support for the idea of personal saving, many people simply feel unable to put money aside for retirement at the moment."

And this lack of savings potential seems to be true of a large chunk of the population, with 72 per cent of those surveyed saying that they could not currently afford to set money aside for a pension.

Interestingly, around 75 per cent of those questioned said the government needs to spend more on pension matters.

Need to know more about pensions? Click here:
http://www.europinions-finance.co.uk/pensions/pensions/