Brits 'not saving enough for later life'

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Brits 'not saving enough for later life'

Thu 22nd Jan 2009

Lincoln Financial Group has warned that it is now "more important than ever" for people to consider a retirement plan to ensure their financial security.

New research by the company has revealed that Britons are not saving enough to last them for later life, with many expected to run out of money by the age of 85.

The study anticipates that more than 40 per cent of the UK's population will be left short of retirement income.

Simon O'Connor, head of products and marketing at Lincoln Financial Group, claimed that this was even more of a concern in the light of increasing life expectancy.

He suggested that people should therefore look at working out a retirement plan that is tailored to their individual circumstances and leaves them with sufficient income for later life.

The advice comes after a study conducted by Life Trust found that 44 per cent of over-55s are now being forced to postpone their retirement plans as a result of the financial crisis.

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