Survey highlights pension fears
Updated on 18 September 2008
Only one in four people are confident their pension will provide them with an adequate income during retirement, a survey has shown.
Just 27% of people think their pension will be big enough to support them when they stop working, while 41% admit they are not saving towards their retirement at all, according to GE Money and MoneyBasics.co.uk.
Men are more likely to have a pension than women, at 64% compared with only 55% of women.
They are also twice as confident their pension will be adequate, with 35% of men thinking it will provide them with a big enough retirement income, a feeling that is shared by just 18% of women.
Unsurprisingly, people are more likely to have a pension the closer they get to retirement, with just 17% of people aged between 18 to 24 having one, compared with 80% of those aged between 55 and 64.
But pension confidence remains low even among those who are about to retire, with just 45% of people in the 55 to 64 age group optimistic that they will have enough money during retirement.
GE Money warned young people not to put off starting a pension until later in life.
Martyn Beauchamp, chief marketing officer at GE Money, said: "Unsurprisingly young people have made the least provision for retirement, but escalating living costs, difficulties getting on the property ladder and often crippling student debts mean they may be unable to build the securities that previous generations have, and be at even greater risk of a retirement shortfall."
:: YouGov questioned 3,145 people during May.
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