Savings advice from Friends Provident

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Savings advice from Friends Provident

Friends Provident had offered advice for consumers looking to increase their savings this year for their retirement.

A recent survey by the institution found that people aged between 21 and 29 years old were already planning for their futures, with 57 per cent planning to use property to pay for their old age and 43 per cent opting for Isas.

Free advice, such as the Financial Services Authority's retirement guide, can help make planning money for old age easier.

Additionally, the Department for Work and Pensions can provide a pensions forecast to help consumers decide if they should pay any backdated National Insurance contributions.

Martin Palmer, head of corporate pensions marketing at Friends Provident said: "The first step for anyone should be to check whether their current savings are sufficient for the future."

Last year, Friends Provident found that 58 per cent of the adults they questioned did not know how to set up a private pension.

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