Age Concern: Financial pressure halting pension saving
www.moneynews.co.uk > Pensions > Age Concern: Financial pressure halting pension saving
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Money News |
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Age Concern: Financial pressure halting pension saving
Mon 13th Oct 2008
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Director Gordon Lishman said that government figures show that around seven million people are not saving enough for their retirement.
He noted that high profile stories of pension schemes going bust had shaken public confidence and that this, along with other financial pressures, is leading to retirement savings being pushed down on priority lists.
Mr Lishman added that the guarantees for private pensions have risen significantly in recent years and advised people not to delay saving for retirement.
According to recent research by Saga, few people understand the cost of care even though it could be the greatest financial burden they ever have to face.
A sum of £181,810 would pay for just three years of care each for an elderly couple.
The average cost of a four-year stay in a care home is also set to increase to £223,476 by 2028.
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