Standard Life: Cars considered more important than pensions

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Standard Life: Cars considered more important than pensions

Standard Life has revealed that consumers consider their car a greater priority than a pension plan.

Research by the organisation found that 54 per cent of people care about their vehicle.

This compares with just 46 per cent who have strong feelings about their pension pot.

Mike Polson, head of customer management at Standard Life, has therefore encouraged people to take an active interest in their finances and look at how they can make their money work for them.

"It's time to reality check our attitudes to saving," he commented.

Figures showed that nearly one in four people who are saving up for retirement do not care about their pension.

The study also revealed that ten per cent of those surveyed have not reviewed their pension plan since it was originally set up.

Indeed, almost a third of those with a pension said they are unaware how their money is being invested.

This comes after Standard Life warned that many people in Britain may not achieve their goal of retiring at the age of 65, as they have no retirement savings and plan to rely on state support.

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