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Debt help needs could rise as a result of pension neglect

Debt help needs could rise as a result of pension neglect

- Wednesday, 29 July 2009

The number of UK citizens saving into their pension scheme has reduced over the past five years.

That is according to Prudential, who suggest that 16 per cent of people who were saving five years ago have either decreased their contribution levels or halted payments altogether.

With fewer people safeguarding their future, it is likely that the number of consumers seeking debt help in the future in order to cope financially will increase.

Martyn Bogira, Prudential's director of defined contribution solutions, said: "It's worrying that many people who have been working for years and saving for retirement seem to have given up hope and stopped paying into their pension. This is the last thing they should be doing."

He added that of further concern was people's belief that the state would wholly support them in retirement - something he said "just won't be the case".

The government is to review the default retirement age next year.ADNFCR-2300-ID-19286485-ADNFCR
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