Consumer savings 'not enough for retirement'

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Consumer savings 'not enough for retirement'

Tue 24th Nov 2009

Savers believe that the amount they have invested in their pensions will not be enough for their retirement, according to Aviva.

Of those surveyed by the financial services provider, 35 per cent of consumers believe that their current retirement pot has been reduced by the economic crisis and are looking for additional sources of income.

In addition, 23 per cent say they have had to cut their outgoings in the last year in order to keep setting money aside for their retirement.

Rising living costs are a major concern for the future, with 32 per cent citing it as their biggest worry.

Brian Bussell, director of pensions with UK Life, Aviva, said that the company urges people "to begin saving as early as possible for their retirement to make sure they do not have to make major lifestyle changes later in life".

Research earlier this year by the insurance provider found that modern pensioners have active social lives, which cost them an average of £2,256 a year.

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