“Seek professional advice” regarding retirement finance

Providing for daily necessities such as shelter and basic needs is the most important financial concern for those aged 45 and over, new research has revealed.

The survey, conducted by Hartford, shows that 58 per cent of respondents feel keeping up with daily expenses is most important, with enjoying retirement being cited most important by 29 per cent of those surveyed.

These figures show the extent to which the over 45s are worrying about their financial situations, as last year’s survey produced figures of 40 per cent and 47 per cent respectively.

Managing director for Hartford’s UK branch Michael Ridge noted that the credit crunch is “significantly impacting people’s ability to save for their retirement”.

“Now more than ever, it is vital to seek professional advice and make the right financial provisions for retirement,” he explained.

Axa recently called for people to keep up their pension contributions where possible, stating that cancelling such payments should only be seen as a “last resort”.

Some people may be tempted to reduce or stop contributing to their pension as part of a debt management plan.

By Tom Musk