People ‘Need Proactive Approach’ To Financial Future
Topics: millions, britons, heading, financial, problems, later, life, failing, plan, pension, cheap, loans, finance
Millions of Britons could find themselves coming under financial pressure in later life, new research indicates.
In a study carried out by Baring Asset Management, it was revealed that just less than a quarter (9.03 million) of all adults are yet to begin to save for their pension. The findings also showed that the typical 18 to 31-year-old expects that they will be able to retire at the age of 61.
And a lack of an adequate pension pot may result in consumers developing difficulties in meeting other demands on their finances. Such areas could include personal loans, credit cards and outstanding mortgage payments.
In addition, the study showed that 12.25 million (a third of adults) expect that they will be able to stop working between the ages of 60 and 65. An estimated 7.43 million are looking to retire between 55 and 60, with some 4.83 million aiming to do so before they are 55. Research from the firm also indicated that 16 per cent of Britons expect that they will be working beyond 65. Just 371,385 people, meanwhile, do not plan on stopping work until they are at least 75 years of age.
It was also put forward that “an incredible” 46 per cent of people looking to retire before they are 50 years old do not even have a pension scheme. In addition, about one in five (21 per cent) of people on a defined-contribution (DC) pension plan expect that they will be able to retire before the age of 50, with this proportion dropping to 17 per cent for those people on a defined-benefit (DB) final salary-related scheme.
Commenting on the study, Rob Lay, head of European sales for Baring Asset Management, said: “People have to start taking a more proactive approach to planning for their retirement. Relying on a DB scheme is no longer an option for many UK adults and relying on your property as a pension is a very risky strategy to take. These figures reveal a worrying trend of UK adults assuming that they will be in a position to retire without having made the necessary arrangements for funding that retirement.
“People are increasingly expected to live longer, which is a major issue facing our society. At the same time, the way adults plan for retirement is changing - we can’t rely on DC schemes or a state pension any longer.”
He added that it is “absolutely vital” that Britons take the time to think about how they are to build up their pension fund as soon as possible. Mr Lay claimed that if this is not done people may find that their target age to retire slips “further and further away”.
Those worried about their capacity to put enough money away for a pension fund might wish to consider getting a cheap loan. Although this may present another financial demand for borrowers, the loan could allow people to meet a number of requirements on their spending quickly so giving them the chance to free up more cash to put into pension funds.
And doing so might prove to be of particular help as consumers get older, as a recent Wilkins Kennedy study showed that the number of retired people filing for bankruptcy has more than doubled during the last five years as they become unable to meet demands for payment on the likes of utility bills, loans and credit cards.
Abbi Rouse writes for All About Loans where visitors can apply for UK loans online and also focuses on UK personal loans, and secured UK loans for UK residents. Visit Today: www.allaboutloans.co.uk
Previous Articles Highlighter:
Benefits Of Online Shopping (1)
Getting discounted prices on the item was a bonus of doing shopping on the internet. Online shopping offers customers many benefits because retailers have lower overhead costs and can pass savings on a great deal of merchandise on to the customer.
Consolidate Debts Loans, Bankruptcy And Credit Counseling? (2)
If you choose credit counseling, there are some online companies who offer free consultation. Even consolidate debt loans, you can also find free quotes online thereby giving you an idea on how to go about debt consolidation loans.
Will The Accounting Software Be A Good Idea? (3)
This recent age accounting is called as progress billing. Serialized Catalog, maintaining catalog records is one thing and then managing the inventory is totally a different ballgame. The accounting software will take care of all the inventories you have, systemize the inventory lists to have for better access and thus help save a lot of time and resources.
Great Ideas To Budget Your Luxury Bathrooms (4)
Devotees of spa treatments will love stress busting steam showers. These luxurious fixtures offer temperature selections that reach as high as one hundred and twenty degrees for a moist, relaxing steam bath that's great for relieving stress, muscle tension, joint fatigue and cleansing away skin impurities.
Organize Your Closet Before Going Shopping For The Best Results (5)
This could go on your list, too. Organize your list so that the things you need to get the soonest are on the top. You may be able to do your shopping all at once, but if you have a long list and limited time or funds to devote to it, you may have to make several trips.
Reasons For Slow Start In Home Sales 2008 (6)
The rising cost of energy that is diminishing your income is your fault. Maybe the environmental political correctness of our society the past couple decades will prove to be more expensive than expected.
Six Sigma Quality Control Systems (7)
Integrating Six Sigma With Other Management Programs New tools and techniques have been developed over the years to keep pace with technological advancements, but the basic concepts and methodologies underlining such systems still remain the same.
Tips For Transition At Senior Levels (8)
Do not be passive and wait around for employers to seek you out. Make sure that you get out there and look for the hidden jobs that are waiting for you to discover them.
Using Your Blog To Promote Your Affiliate Programs (9)
There is no point in just placing some banner ads, thinking that upon seeing this banner ad, surfers will visit the site. Contextual ads prove to be beneficial only if you advertise products that are related to the blog that you write.
Getting Web Site Landing Pages Right (10)
In fact, any web site optimization should try to get other pages than the home page into the search engines as well. There are a few common mistakes related to landing pages, these include: 1.) Not realizing the importance of landing pages.
Newer Articles Highlighter:
An Overview Of American Girl Doll Collecting (1)
Kaya has great dreams of leading her people in the future. "Kaya" is short for the Nez Perce name Kaya' aton' my which means "she who arranges rocks." Kaya is the newest American Girl Doll.
How Car Shows Show Off The World's Most Magnificent Cars (2)
Some people even put a custom paint job on their cars to make them just right for them and how they like it. Almost ever car show is a contest so you want your car to be looking the best the areas in which the judges will be judging will most likely be the most customized, looks the best and probably paint job.
Considering An Electronic Assistant And Buying One (3)
Basically a PDAs function is a personal information management device. These keeps critical information such as contact numbers, addresses, birthdates, anniversaries, important dates, notes and a task or schedule manager.
Real Estate Referral Lead - Building A Business On Successful Relationships (4)
Additionally, real estate open houses are a good venue to meet people that you can add to your network. Invite your clients and ask them to bring along their friends and family because you never know who'll be interested in purchasing a home.
UV-Ozone Cleaning: Introduction And Basics (5)
The production of both wavelengths is significant. Ozone is created at the 184.9nm level, while the presence of 253.7nm helps in the destruction of ozone. If both are present, then there is a constant creation and destruction of ozone, which in turns encourages the formation of atomic oxygen, an exceptionally strong oxidizing agent.
Discover Ways To Train Your Horse (6)
The colt will start to enjoy each lesson because of the petting and the praise, and eventually there will be no sign of fear. About this time the colt will try to play.
Various Manifold Parts Cleaner Procedures (7)
Then a blow dry process leaves the parts dry enough for specifications. By including multiple filtration features, the part can be cleaned effective. This process includes a special chip basket filter in the fluid that removes the chips via a flush and then returns the part to the process.
Repair Your Damaged Hair (8)
Most salons have special versions of these treatments that they can apply to your hair during your next appointment, so be sure to ask your stylist about whether this is an option for you.
Do Steel Warehouses Need To Be Insulated? (9)
If so, then it probably isn't imperative for you to insulate your warehouse. But consider how often you or your employees will be in the warehouse? Will you be there on a daily basis?
Nine Secrets To Maintaining Your Car (10)
If you have to idle longer than 30 seconds, you may as well turn the engine off and start it when you are ready to roll. So turn off the car if you are waiting in parking lots, waiting on others to ready themselves for travel, if you have to go back in the house for something, etc.
Permalink to People ‘Need Proactive Approach’ To Financial Future