Britons unsure about amount required to retire

| December 6, 2007 | 0 Comments

Research from Abbey has established that Britons today are not sure about the amount that they will need to retire on.

A survey showed that 60% of women are ‘clueless’ about what their requirements during retirement will be. Furthermore, 16% of Britons think that they can retire on one lump sum that would actually pay them less money than people live on in many third world countries.

Reza Attar-Zadeh of Abbey said it is evident that Britons are not saving enough for their retirement and this is of particular concern.

Abbey’s research also discovered that 44% of Britons are considering a trip around the world when they retire.

In addition, research from Baring Asset Management (Barings) discovered that 3.2 million people are depending on property investments to fund their retirement, leaving them dangerously exposed to fluctuations in the UK property market and interest rate movements.

One third of UK adults are not currently making any provision for their retirement, with young people in particular neglecting to consider their financial future. One in three 25-34 year olds do not have any kind of pension plan in place.

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