Prudential highlights retirement calculator trend
www.moneynews.co.uk > Retirement calculator > Prudential highlights retirement calculator trend
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Prudential highlights retirement calculator trend
Wed 23rd Mar 2011
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Christopher Friel, financial advisor at the company, explained that older consumers have become increasingly extravagant and used credit cards to fund their lifestyle.
In his opinion, this has allowed them to enjoy their later years more, but they must still clear this debt.
Mr Friel said: "I think that you'll find that across the board more people are [entering retirement in debt]. Reasons being that people have pretty much overspent."
He suggested many savers utilise their cash lump sum on retiring to pay off high-interest loans such as credit card bills.
The Prudential spokesperson noted that some pensioners have chosen to continue to work part-time to fund their spending.
His remarks were made in response to a statement by the Organisation for Economic Co-operation and Development indicating Great Britain should utilise its 'grey' workforce if it wants to tackle high pension costs.
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Related News : Prudential |
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