Prudential expects pensions shortage with reduced incomes

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Prudential expects pensions shortage with reduced incomes

Wed 31st Mar 2010

Andy Brown, director of investment funds at the organisation, said the recession had begun to affect the way people estimated their savings and suggested that the decrease in expected income was the main reason for the change.

He added: "Putting money into a pension or other savings and starting sooner rather than later is the only real way of guaranteeing a decent income in retirement."

The research found a seven per cent drop in people's predicted income since last year and an 11.5 per cent decrease since 2008, with the average income now totalling £16,509.

Legal & General recently revealed that women are four per cent more inclined to save than a year ago compared to men, who were one per cent less likely to save for their future.

In addition, it was found that saving for a rainy day has become the main financial reason for people to plan ahead, according to the company.

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