Pensions Management: Higher expectations thwarting savings

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Pensions Management: Higher expectations thwarting savings

"Higher expectations" among the current working generations are a factor in the fall in people in saving for retirement, according to one magazine.

Pensions Management claimed that many people in the UK are struggling to fund their lifestyles - a problem which was avoided by their parents.

"They want a house, two holidays and to be able to go out for meals regularly but these are things in previous generations didn't do," said Padraig Floyd, editor of the publication.

He suggested that if people aim to maintain such a way of living and secure a comfortable income for retirement, then they will have to be prepared to work for longer.

The comments come after a study by Lincoln Financial Group found that 41 per cent of Britons will run out of retirement income by the time they reach 85.

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