People are 'not saving enough' for later life which may lead to debt problems
People are 'not saving enough' for later life which may lead to debt problems
- Tuesday, 15 March 2011The majority of consumers are not saving enough money for later life, which could mean they find it harder to become
debt-free after they have retired.
Keith Churchouse, director of Churchouse Planning, stated that people are not saving for later life and are not taking it as seriously as they should be.
That is because many people hope that when they retire the state pension will be enough but Mr Churhouse warns they will be disappointed.
He said: "Putting in place a range of savings arrangements for the future is well worthwhile, because it provides flexibility for people to choose how they use their money in later life.
"If they all put it into a pension, they may not get out the type of capital or income that they would like."
It may be sensible for people of any age to start saving for their later years to ensure they do not retire in debt.
A new report by Aviva recently found that 23 per cent of those aged over 55 do not expect to clear their debts until they are aged over 75.

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