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Increased longevity `may spell debt for UK pensioners`

03/10/2008

As people continue to live for longer in the UK, more must be done to avoid personal finance problems for those who have retired from work, the Life Trust Foundation has said.

During a recent seminar hosted by the organisation, minister for pensions reform Mike O`Brien said: "People are living longer but some are not saving enough for later life. It is one of the biggest challenges facing us."

This may put consumers at risk of debt problems in their post-work years.

However, Mr O`Brien added that the government is in the process of reforming the pensions system in order to avert a crisis in the future.

Meanwhile, Lord Hunt of Wirral, the chairman of the Life Trust Foundation, added that a 50-year-old today has a one in four chance of reaching the age of 95.

He went on to say that these "extra years" can be very expensive when expenditure on essentials such as healthcare are taken into account.

Currently applying for charitable status, the Life Trust Foundation aims to raise public awareness of the financial implications of increased longevity.

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Christmas spending slowdown expected 13/11/2008 - Christmas spending is expected to stagnate this year, as consumers Christmas spending ‘will fall’ 13/11/2008 - Christmas spending in the UK will fall by 2.6% to Credit cards: UK interest rates almost double US rates 13/11/2008 - The average British credit card is charging interest at 17.6% Recession ‘to last well into 2009’ 13/11/2008 - The Bank of England has said that the UK economy