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Brits `clueless` on retirement funds

04/12/2007

Over half of Britons do not know how much they need to save for retirement, with many needing to seek professional debt advice as a result, new research has revealed.

Of those quizzed by Abbey, 53 per cent of Brits do not have an idea of the amount needed for retirement, while 63 per cent of women lack knowledge in this area.

A total of 16 per cent perceive a lump sum of £50,000 to be enough to retire on, although such an amount would lead to consumers receiving just £3,568 a year, or £304 per month. A further 12 per cent thought £100,000 would be enough.

Reza Attar-Zadeh, Abbey`s head of savings, said: "Clearly Brits are not saving enough for their retirement. This is of particular concern, with the move from final salary schemes to money purchase schemes, which means increasingly people need to take personal responsibility for saving for the future."

Last month, a survey by Prudential found that 52 per cent of people retiring in 2008 will do so on final salary pension schemes.

Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according British reliance on gas for energy growing 06/01/2009 - New figures suggest that Britain’s dependence on natural gas is Small business seek cap on credit cards 06/01/2009 - Credit card interest rates should be capped to help small