Two-thirds ‘fear their pensions will be insufficient’

Around two-thirds of people are concerned their pension will be insufficient to fund their retirement, meaning they could fall into debt, research has…

Around two-thirds of people are concerned their pension will be insufficient to fund their retirement, meaning they could fall into debt, research has suggested.

Figures collated by the National Association of Pension Funds show that only 34 per cent of people believe they will be able to cope financially once they stop working.

The study found that 22 per cent are “not at all confident” they will have enough money, while 38 per cent are “not very” sure whether or not they will be able to manage.

Keith Churchouse, director of Churchouse Family Planning, said that many may not have planned efficiently for the future and might no longer feel their money is safe.

He explained: “There [has] been the collapse of numerous pension and insurance companies over the course of the last ten or 15 years.”

Numbers released by the Office for National Statistics in December 2009 revealed that 53 per cent of men and 58 per cent of women in full-time jobs in Great Britain were members of an employment pension scheme.

By Joe Shervin

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