People ‘wary of debt in later life’

Individuals could be concerned by possible debt in later life as more people are saving for a pension, new research has shown.

According to the Leg…

Individuals could be concerned by possible debt in later life as more people are saving for a pension, new research has shown.

According to the Legal & General MoneyMood Survey, the number of Britons who are hoarding their cash for later life has shown a significant rise compared to this time last year.

In 2009, one-in-five of those questioned said they were planning to do this, compared to almost one-in-three respondents today.

The percentage of men taking the action has nearly doubled – from 21 per cent to 40 per cent – while the number of women has risen by five per cent.

Claire Evans, Legal & General Unit Trusts marketing director, said: “It is encouraging to see such a healthy rise in the number of people thinking about saving for their long-term retirement income.”

Prudential’s Class of 2010 study revealed that 710,000 over 45’s are concerned they will never be able to afford to retire completely.

By Joe Shervin

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