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Brits `concerned about retirement finances`

01/10/2008

The confidence felt by Britons concerning their standard of living in retirement is falling, a new survey has found.

Conducted by Alliance Trust, the research found that 43 per cent of the population now feel they will struggle with their personal finances after giving up work.

This represents a decrease in confidence compared with last year, when 40 per cent reported such concerns.

In addition, it was discovered that women are more worried about the prospect of financial difficulties, potentially including getting into arrears on debt repayments, than their male counterparts.

Whereas 49 per cent of the females questioned reported concerns about their post-work finances, only 36 per cent of men did likewise.

Commenting on the figures, Steve Latto, pensions development manager at Alliance Trust, said: "In the current economic conditions, consumers are taking a much more pessimistic view of their retirement prospects and are losing confidence about being able to provide for a comfortable retirement life."

Last week, David Black, principal consultant of banking at Defaqto, described equity release as a feasible option for pensioners struggling in the light of current economic conditions.

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