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More Over 55s Give Up On Saving For Retirement

Alastair Walker 20/07/2012 10:09:44

More Over 55s Give Up On Saving For Retirement

Research by Zurich Insurance suggests that 24 per cent of the over-55s in the UK have not saved anything, not even one pound, towards their retirement.

Most people say that they simply cannot afford to save for their retirement. This is one of the reasons why compulsory enrolment into pension schemes is being brought in by the Coalition government.

The Zurich study found that 59 per cent of Brits think they will have to keep working beyond the age of 65 as their pension, plus any savings, will not be enough to live on.

`BANK OF MUM AND DAD' IS GOING BUST

Part-time work, early retirement schemes in the public sector, temporary or one year contracts for those still in employment and the dismal rates of interest on savings, have all combined to impoverish the older generation.

Older Woman Shopping OnlineMany are also being asked to `bail out' their children or provide huge deposits of over £30K to swing a mortgage for their sons or daughters. This is taking away the ability to save for retirement.

But many older people have also realised that if they have no cash savings, stocks and shares and do not own property, they are entitled to benefits - those with savings and assets are not.

As a result many are simply spending what they have, rather than waiting for the day when they have to cash everything in just to pay bills.

Do you pay into a pension scheme? Post a comment below.

 

 

 

 

Alastair Walker is features editor of Watchmywallet.co.uk

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