AXA pension research reveals spending habits

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AXA pension research reveals spending habits

Research by AXA pensions shows that pensioners are spending their cash on relatives and children, rather than the themselves.

After a lifetime of saving and investing in pensions, seven out of ten pensioners believe their role in retirement is to provide financial support to relatives.

But while many are cash poor, having time to spend on hobbies and themselves mean that one person in four believes only in retirement can they enjoy their lives.

Additionally, insurance giant AXA revealed that British pensioners see retirement positively.

The UK has the most enthusiastic pensioners in Europe, and only in Australia, Canada, and New Zealand did the retired population feel better about their lot.

"Despite the growing financial difficulties facing the UK's retired population ... many retired people in the UK seem happy with their lives and keep themselves busy and occupied," commented Steve Folkard, head of pensions marketing at AXA.

However, while the nation's pensioners are enjoying their lives, those currently employed are less positive about life after work.

Just 52 per cent of UK workers view retirement in a positive light and the British workforce seems less prepared than its foreign counterparts.

Mr Folkard explained: "Our research shows that one in three has yet to start preparing for life after work and unless they begin soon they may have to work beyond 65."

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